Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for goduke211

Is there anyway of getting PMI off

I have had my home for four years and paid ontime thanks
  • January 04 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

What is your loan balance ?  Value of property? Interest rate? Depending on those answers could give you several options.
Kimberly -  never seen a $600 appraisal fee in TX. Typically $375-$400.
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for The ERG Team
Your lender should be able to provide you with this info - just give them a call!
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Unless it's an FHA loan in which case your properties current value is irrelevent and MI will remain in place for 5 years regardless of LTV.
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It depends on the present value of your home, minus the remaining balance of your mortgage.  You will need a minumum of 20% equity, some lenders require 25%.  If you believe your property meets this criteria, contact your lender.  It may be necessary to pay for an appraisal ($600 here in Texas) to determine value.

Hope this helps!
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Length of time paying your mortgage is irrelevant. You need to have 20% equity in your home to qualify to stop paying PMI.
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Not enough info. Paying onetime for 4 years is not enough to remove mi. You need at least 20% equity.
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.