unable to cencel PMI, what can I do

Profile picture for jtran9373
I have been paying extra to my principle to my mortgage.  Currently I own less then 78% of my original loan.  I have been trying to cancel my PMI, and my bank won't allow to cancel my PMI without new appraisal.  What can I do?
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jtran9373@gmail.com
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May 14 2009 - Sterling
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Answers (4)

Profile picture for TabascoKajun
I have heard of lenders using the orginal balance vs. current remaining principle to guage the 78%.

Is there a specific HUD rule that states which value is to be used as a starting point to calculate the 78%?
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May 14 2009
Profile picture for LUXURY HOME LOANS CA
Also, ask if the appraisal comes in at 78% will it be removed. Read your Mortgage Note. Some are written that the LTV needs to be 75% or less. .... Best wishes, Rudi
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May 14 2009
Profile picture for Greg Darlin
If you have owned the loan for 24 months, have 78% equity and have not been late on your mortgage for the past 12 months or so, the lender will remove it based on an exterior (drive-by) appraisal.  I hope you have a Conventional loan.  FHA has a mandatory period for mortgage insurance of five years, no matter what your LTV is currently.
It is worth the money to have the lender do the above.  It should only cost you around $200.00.
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May 14 2009
Profile picture for ohiosmitty
The best thing to do is get an appraisal...ask your lender if there are particular appraisers to use (or not to use). In other words, make sure the appraisal you order will be acceptable to them. Appraisals are typically around $300. If this is what your bank wants, its probably easier and less expensive than fighting with them (unfortunately)

On the other hand, if you think you may benefit from refinancing, you may also look into that. (If it makes sense)

Good luck
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May 14 2009
 

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