Want to get out of PMI

christy Posted: Feb 22, 2005 08:33 AM

Want to get out of PMI

Has anyone had their home reappraised to get out of paying PMI?

dengal Posted: Feb 22, 2005 08:36 AM

Re: Want to get out of PMI

When I owned a condo, we got out of PMI when we re-finance. A re-finance is essentially you buying your home from yourself and setting up a new mortgage.

meganNbobby Posted: Feb 22, 2005 09:27 AM

Re: Want to get out of PMI

we got out of PMI by getting a 2nd loan with the mortage 80/20 80% coventional mortage 20% home equity loan. thats how we got out of it

christy Posted: Feb 22, 2005 09:33 AM

Re: Want to get out of PMI

Can I get out of it by just having the condo reappraised? I am pretty sure that it has gone up enough in value???

dengal Posted: Feb 22, 2005 09:54 AM

Re: Want to get out of PMI

I'm certain it has gone up. You should have also received a PMI Disclosure that clearly spells out the conditions and term of your PMI and how to stop it as well..if you didn't, ask your lender or Mortgage Broker to send you the disclosure specific to your loan program.

DjPiLL Posted: Feb 22, 2005 11:12 AM

Re: Want to get out of PMI

If you can prove to your bank that you have at least 20% equity in your house with a new appraisal... they MUST remove the PMI.

Here is a tip... call the bank and ask them for their list of 'approved appraisers'. Use one of those just to be on the safe side.

LisaT Posted: Feb 22, 2005 03:02 PM

Re: Want to get out of PMI

I think you often have to wait a year before you can have the PMI removed...

If its been that long, and you have enough equity, definitely go for it.

(let me know and I'll do the appraisal for you )

christy Posted: Feb 22, 2005 05:30 PM

Re: Want to get out of PMI

Posted by LisaT

I think you often have to wait a year before you can have the PMI removed...

If its been that long, and you have enough equity, definitely go for it.

(let me know and I'll do the appraisal for you )

Thanks Lisa, We have been here about a year and a half...

DjPiLL Posted: Feb 22, 2005 05:47 PM

Re: Want to get out of PMI

Posted by christy

Posted by LisaT

I think you often have to wait a year before you can have the PMI removed...

If its been that long, and you have enough equity, definitely go for it.

(let me know and I'll do the appraisal for you )

Thanks Lisa, We have been here about a year and a half...

Just do yourself a favor and verify with the bank that they will accept an appraisal from Lisa's company first. Believe me when I have heard that banks will not just take an appraisal from just 'anybody'. A lot of them usually have an 'approved' list.

lilmrs Posted: Feb 22, 2005 05:52 PM

Re: Want to get out of PMI

Posted by DjPiLL

Just do yourself a favor and verify with the bank that they will accept an appraisal from Lisa's company first. Believe me when I have heard that banks will not just take an appraisal from just 'anybody'. A lot of them usually have an 'approved' list.

this is what we were just told as well, I am just glad I found out before I paid for the appraiser rather than after.

LisaT Posted: Feb 22, 2005 10:23 PM

Re: Want to get out of PMI

Posted by DjPiLL

Just do yourself a favor and verify with the bank that they will accept an appraisal from Lisa's company first. Believe me when I have heard that banks will not just take an appraisal from just 'anybody'. A lot of them usually have an 'approved' list.

absolutely true - we work with the banks/mortagage companies up front to determine if they'd accept our appraisal. Generally when the appraisal is for mortgage purposes, THEY are considered our client (not the homeowner)

Usually they'll just want copies of our license, etc...but some do have a 'list' that they will not deviate from.

We don't ever want to take someone's $$ for nothing. We're a small family business (my dad and I) and I was really just kidding about using us. I don't want to solicit business off LIW.

christy Posted: Feb 22, 2005 10:51 PM

Re: Want to get out of PMI

Posted by LisaT

Posted by DjPiLL

Just do yourself a favor and verify with the bank that they will accept an appraisal from Lisa's company first. Believe me when I have heard that banks will not just take an appraisal from just 'anybody'. A lot of them usually have an 'approved' list.

absolutely true - we work with the banks/mortagage companies up front to determine if they'd accept our appraisal. Generally when the appraisal is for mortgage purposes, THEY are considered our client (not the homeowner)

Usually they'll just want copies of our license, etc...but some do have a 'list' that they will not deviate from.

We don't ever want to take someone's $$ for nothing. We're a small family business (my dad and I) and I was really just kidding about using us. I don't want to solicit business off LIW.

Not to worry, but I at least have someone to call for when the time comes. Thanks!