Profile picture for zuser20140611095327008

If I get an equity loan will it affect cancellation of my PMI?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11 - Sacramento
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

More info would be required, but in general, the rules for PMI cancellation are not associated with your combined loan to value (CLTV), only your loan to value (LTV) for the first mortgage.. so it shouldn't. 

Feel free to reach out to me via my profile if you have any additional questions or concerns.  William J. Acres, Arizona's Mortgage Expert.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11
no ...it shouldnt
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11
If you currently have a loan with PMI there are two ways to have it removed:
- Refinance
- Achieve the target set forth in your contract for requesting removal (normally 78% LTV through normal payments or improved appraised value).

If you are refinancing so that you have a new first at 80% LTV or less and a 2nd or HELOC then there should not be PMI (unless it is FHA for some reason).

If you have achieved the target to request the PMI be removed and have done so, and are now also going after a HELOC it should not have any impact on the process.

If you are getting a HELOC to use the proceeds to pay down the mortgage to THEN request PMI removal that would be dicey at best.

If values have risen to the point that you can request the PMI be removed then you should research if you can refinance and get a better overall result that staying in the loan you now have and taking a variable rate HELOC.

Lou
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11
 
Related Questions
If I get an equity loan will it affect cancellation of my PMI?
Profile picture for William J. Acres
Latest answer by William J. Acres
June 11 | 3 answers
Is it possible to get an equity line or cash out refinance loan on a California property that I own
Profile picture for Alex Munoz
Latest answer by Alex Munoz
November 14 2012 | 1 answers
HELOC or Term Loan for Investors
Profile picture for David Hoggatt
Latest answer by David Hoggatt
November 08 2011 | 2 answers
What can I do to get more (or better) quotes for my loan request ZR-WDDMYRZ
Profile picture for Jason Van Mill
Latest answer by Jason Van Mill
September 24 2010 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 6491 Hogan Dr, Sacramento, CA Home For Sale
    6491 Hogan Dr, Sacramento, CA 95822

     For Sale: $159,000

    • Beds: 3
    • Sqft: 1016
    • Baths: 1.5
    • Lot: 7841
  2. 841 38th St, Sacramento, CA Home For Sale
    841 38th St, Sacramento, CA 95816

     For Sale: $679,900

    • Beds: 3
    • Sqft: 1798
    • Baths: 3.0
    • Lot: 3920
  3. 4121 Lotus Ave, Sacramento, CA Home For Sale
    4121 Lotus Ave, Sacramento, CA 95822

     For Sale: $269,000

    • Beds: 3
    • Sqft: 1226
    • Baths: 2.0
    • Lot: 5227
 
 
 
Sign in with Google