I bought a house a year and a half ago and I want to get rid of the PMI on the mortgage (Paying $3000 a year for nothing is pretty stuppid to me especially when I am getting nothing in return). The average value of homes in my area have gone up 18.5%. Since my house was a fixer upper I had to replace the kitchen and the bath. Both of the projects I did myself with the help of my father and my father-in-law. My father built the kitchen cabinets in his shop and they only costed me about $2000 for the wood. I also replaced all the appliance and added a built in microwave as well as a dishwasher and I put in a laminent floor. Overall I have spent about 15k of my own money. The bank wants to see were I have spent the money and how the value of my home has increased 25%. I can only show them my reciepts for what I purchased, this does not show what a contractor would have charged if they were going to replace the kitchen and the bath. I know my home has increased at least 30%. I understand that most banks tend to screw around when it comes to removing the PMI insurance from a mortgage. When the home is re-appraised how is the best way to show them the value has increased? Are there any appraisers who can tell me what the process is like? I don't want to waist money and time getting the home re-appraised to later find out the bank says the value only went up 18% and I need to cough up another $325 to have the home appraised again in 6 months.
Any help would be appreciated.
Thanks in advance,
Rich

posted by 12.32.20...

• Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42 <-- Viewing This Message
  • Re: Way O/T getting rid of PMI (long), Avanti, Fri, 21 Oct 2005 23:28:23
  • Thank you all., Rich, Fri, 21 Oct 2005 15:41:12
  • The ONLY way to get rid of PMI (and keep 4.5%), Jeff B, Fri, 21 Oct 2005 11:37:43
  • what is PMI?, rob , Fri, 21 Oct 2005 11:35:29
    • PMI - Private Mortgage Insurance (too long), Jeff B, Fri, 21 Oct 2005 12:07:59
    • Re: what is PMI?, Geoff, Fri, 21 Oct 2005 11:47:17
  • Re: Way O/T getting rid of PMI (long), SWEDECAR , Fri, 21 Oct 2005 09:29:31
  • Re: Way O/T getting rid of PMI (long), Rafe, Fri, 21 Oct 2005 07:21:04
  • Get a Realtor to do a Market Analysis, JimN, Fri, 21 Oct 2005 06:55:25
    • I did that long ago and it worked, Schu, Fri, 21 Oct 2005 12:22:48
  • why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
    • in his case, it might well cost him more that way., mdj, Sun, 23 Oct 2005 17:32:40
    • Bingo!, HD, Fri, 21 Oct 2005 10:28:03
  • Re: Way O/T getting rid of PMI (long), Rich T., Fri, 21 Oct 2005 05:15:10
  • LTV is the key, Geoff, Thu, 20 Oct 2005 15:46:21
    • can anyone afford to put down 20%?, Bob M, Thu, 20 Oct 2005 17:12:51
      • Re: can anyone afford to put down 20%?, Rafe, Fri, 21 Oct 2005 07:23:16
      • Just remember, Jim, Thu, 20 Oct 2005 21:01:12
        • That is true..., Bob M, Fri, 21 Oct 2005 05:55:46
      • Re: can anyone afford to put down 20%?, Geoff, Thu, 20 Oct 2005 18:27:54
        • Re: can anyone afford to put down 20%?, Rich, Thu, 20 Oct 2005 19:27:57
          • can anyone afford to put down 20%? Not me..., Chris M, Fri, 21 Oct 2005 05:24:59
          • Then maybe ask your loan officer, Geoff, Thu, 20 Oct 2005 20:13:31
            • Re: Then maybe ask your loan officer, Rich, Fri, 21 Oct 2005 06:08:33
              • Chearer insurer? Homeowners Protection Act?, Geoff, Fri, 21 Oct 2005 07:09:42
                • Chearer = "cheaper" -- no coffee yet, sorry. n/m, Geoff, Fri, 21 Oct 2005 07:10:27
  • Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
    • PMI Removal should be fairly straightforward, mdj, Sun, 23 Oct 2005 17:51:35
      • Re: PMI Removal should be fairly straightforward, Paul E, Sun, 23 Oct 2005 21:44:10

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