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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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PMI question
Everyone says that it's a hassle to cancel it. Why on my statement does it say that it is automatically canceled once you meet the criteria? Is this a new thing?
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Posted 1/12/11 10:12 AM  |
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MRSC090609
LIF Infant
Member since 11/09 237 total posts
Name:
Vanessa
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Re: PMI question
You will need to get an appraisal when you want to cancel it and it depends on the market value at the time you want to cancel it. According to our mtg docs it should have ended last Feb. But the market value of our house dropped since we bought it in 2008 so based on today's market value we still owe more than 20%. We were not happy to hear that last year. Not sure if its the same for every mtg comp but I'm guessing they all have similar policies.
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| Posted 1/12/11 11:24 AM |
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mom2b
LIF Adult
Member since 5/09 1072 total posts
Name:
x
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Re: PMI question
Posted by MRSC090609
You will need to get an appraisal when you want to cancel it and it depends on the market value at the time you want to cancel it. According to our mtg docs it should have ended last Feb. But the market value of our house dropped since we bought it in 2008 so based on today's market value we still owe more than 20%. We were not happy to hear that last year. Not sure if its the same for every mtg comp but I'm guessing they all have similar policies.
Same with us. If you call your mtg company they can give you an exact dollar amount for how much you home must appraise for to have PMI cancelled
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| Posted 1/12/11 11:45 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: PMI question
Posted by MRSC090609
You will need to get an appraisal when you want to cancel it and it depends on the market value at the time you want to cancel it. According to our mtg docs it should have ended last Feb. But the market value of our house dropped since we bought it in 2008 so based on today's market value we still owe more than 20%. We were not happy to hear that last year. Not sure if its the same for every mtg comp but I'm guessing they all have similar policies.
It's my understanding that you do not need a new appraisal if you have paid it down to 20% of the original value (as per the Homeowners Protection Act of 1998.)
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| Posted 1/12/11 12:44 PM |
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