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Getting PMI off

Profile picture for asea
We bought a foreclose that we paid $235k with 10% down in 2009 at 4.87%, and it was originally built for in 2005 $410k. Its in a neighborhood with similar built executive style homes.  The homes in our neighborhood have been selling for $80k or more than what we paid since we bought.  Wells Fargo HM originally appraised us at $235k to stick us with PMI.  The appraisal looked at homes beyond our neighborhood, beyond 1 mile in lower valued neighborhoods.  Is it realistically posssible to get PMI of early?  Would going through wells fargo's process be a waste of money, can I trust their appraisal?  Any suggestions for us besides pay it off early? 
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May 23 2011 - Lino Lakes
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Profile picture for Georgia Loans
Depends on what month you bought in and how many months of MI they dictated, 18 or 24. If you are outside that window and accurate about comps, it sounds like you only need about $265K appraisal. BTW, nice buy!
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May 23 2011
 
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DiscussionGetting PMI off
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  • May 23 2011
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