Loan-to-value is the key. Banks have their particular rules, but generally speaking, I'd expect if your mortgage debt (including a home equity line if you have one) is more than 80% of the appraised value, a lender is going to make you get PMI, because loans over 80% LTV have a worse record for defaulting and are less desirable for investors that buy mortgages from the banks.

If the appreciation in your area has been enough to get you below 80% LTV, you may be able to get your lender to let you pay for a new appraisal. Otherwise you may have to refinance or change lenders to get the benefit of a lower LTV.

The money you put into a house never comes back at 100 cents on the dollar, especially in a lender's re-appraisal. Details like upgraded cabinetwork may not even be a factor at all in a lender's appraisal the same way they would be in deciding what a buyer would pay or what price you should list it to sell it. But if the general interior condition is better, make sure an appraiser gets a look at the inside of the house rather than just taping the outside and snapping a few photos.

Disclaimer: I am a corporate lender (entertainment & media) and do not make mortgage loans myself, so my comments may not reflect your lender's reality.

Good luck,

/Geoff

• Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
  • 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 <-- Viewing This Message
    • 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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