| Posted By |
Message |
2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
|
Getting rid of PMI
Aside from making your mortgage due 80% - what are other ways to get rid of PMI and approximately how long does it take? Thanks.
|
Posted 2/4/07 6:27 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
JTK
my 4 boys!
Member since 6/06 7396 total posts
Name:
Kristi
|
Re: Getting rid of PMI
take out a secondary loan
|
| Posted 2/4/07 6:51 PM |
| |
|
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
|
Re: Getting rid of PMI
You can either pay off the 20% (like you said). You can also do improvements that will increase the value of the house to be worth 20%. Basically, you have to have 20% equity in the house.
I am assuming you already have a house? If you don't the other way to avoid PMI is to take out a piggyback loan so that covers the 20%.
|
| Posted 2/4/07 6:55 PM |
| |
|
2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
|
Re: Getting rid of PMI
Yes we already own a house. If we were to take 2 loans instead of PMI our payments would have been just about the same as with PMI so we opted to do the PMI for however long rather than have a 15 year 2nd loan. We did some minor improvements but nothing major just yet. We bought the house for $390,000 in August and got the recent appraisal (not ordered just got it as they send out the annual ones) and it was $409,000. I wonder if we have any sort of leverage with that.
|
| Posted 2/4/07 7:23 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Getting rid of PMI
How much equity do you have in your house?
I used to have a mortgage with GMAC. After I had bought my house, we did renovations and the value of the house increased.
I had to pay for a new house value apraisal BUT I was able to negociate for them to stop my PMI. I should add I had a quote from another mortgage cie who (with the value of the house remodeled) was going to not give me PMI. It worked!
Message edited 2/4/2007 7:58:10 PM.
|
| Posted 2/4/07 7:34 PM |
| |
|
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
|
Re: Getting rid of PMI
Posted by Kitkat
Yes we already own a house. If we were to take 2 loans instead of PMI our payments would have been just about the same as with PMI so we opted to do the PMI for however long rather than have a 15 year 2nd loan. We did some minor improvements but nothing major just yet. We bought the house for $390,000 in August and got the recent appraisal (not ordered just got it as they send out the annual ones) and it was $409,000. I wonder if we have any sort of leverage with that.
Are you talking about the tax assessment? Usually you have to pay to have an appraisal done... if you can pay for an appraisal and the house appraises for 20% than what you paid, then you should take that to the bank and try to get your PMI removed.
Also - if $409K was your tax assessment, it sounds like your taxes might be too high and you can probably greive them.
|
| Posted 2/4/07 7:55 PM |
| |
|
2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
|
Re: Getting rid of PMI
Thanks. Yes, Bethpage taxes are out of control. We are filling out a form to try to grieve them. I think with the market right now I'll wait a bit before paying for an appraisal - after we do some more renovations so that we have a better shot at getting rid of it!
ETA: When we bought the house and actually had it appraised during the buying process it appraised for $400,000 - $10,000 more than we paid. Then we got the tax assessment in the mail recently stating $409,000.
Message edited 2/4/2007 8:12:58 PM.
|
| Posted 2/4/07 8:11 PM |
| |
|
