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I am wanting to remove PMI off my mortgage account.

Profile picture for saenj574
I am wanting to remove PMI off my mortgage account.  WF Bank is giving 2 options; pay $19K to decrease LTV or order an appraisal and show 75% LTV.  In this day in aage, where most property values have depreciated, I am not even sure if I should spend $360 of appraisal fee.  My home is located in a fairly new subdivision in Suwanee, GA, but construction has stopped for couple of years due to the market.  Any advice?
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February 23 2010 - Suwanee
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Profile picture for Georgia Loans
What is your current interest rate and how many years left on the mortgage? If you paid 19K on the principal, what does that bring the LTV down to?
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February 23 2010
Profile picture for Carl Henker
The opions from WF are the necessary steps.  If you don't have value then principle pay down is it maybe a combination of the two.
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February 23 2010
Profile picture for Julie Stephens
Yep, WF sounds right. 
Has anyone heard of a "streamline" refi?  Maybe that's an option for lowering payments, if not dropping PMI.
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February 25 2010
Profile picture for Northstar Mortgage
If you pay the mortgage balance down to 78% of the original value WF should drop the PMI.  They should also drop the PMI if you can get your principal balance down below 80% not 75% of the current appraised value.  If you know a good real estate agent they can pull recent home sales in your neighborhood so you have a rough idea of the value.  Good luck.
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February 27 2010
 
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