Re: Way O/T getting rid of PMI (long) - Saab General Bulletin Board - Saabnet.com
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Re: Way O/T getting rid of PMI (long)
Posted by Rafe (more from Rafe) on Fri, 21 Oct 2005 07:21:04
In Reply to: Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
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The normal procedure is to pay an appraiser a few hundred dollars. Appraisers know how the game is played. Ask an appraiser who lives, works and goes to church in your neighborhood and who works with all the real estate and mortgage people in your neighborhood. A guy like that lives by his reputation and has no reason to do you wrong. Tell him your situation and what number you need. He knows the local market well enough that he will say yes or no off the top of his head. He won't do the work and take your fee if he can't give you the number you need.
I had a mortgage lender try to cheat me on this PMI business. I took out a no-doc, high LTV loan, with PMI, to bridge the sale of another property. I made sure that the loan docs clearly stated that if I paid the loan down to less than 75% of my purchase price, regardless of market value, the PMI would be removed. Well, the lender was not very happy when, after collecting PM for only four months, I paid the loan way down and wrote a polite letter so informing them and asking them to remove the PMI. They replied that they would require me to pay a fee in advance for them to consider my request, then there would be an appraisal blah blah blah, and maybe they would and maybe they would not. It took about a month of letters and phone calls from me and a letter from my lawyer, then all of a sudden I got a letter saying that the PMI had been removed, and the date properly adjusted. It was silly for them to have dragged their feet, but I am guessing that they do this because some folks just pay the fee, plus they collect the PMI for a few more months before finally removing it. I am sure there are some good people working in the mortgage industry, but it is thoroughly riddled with slime.
PMI is a real money-maker for somebody else; you pay a lot of money for nothing.
The appraisal fee may seem like a lot, but considering that the appraiser will have to work for a couple of hours, and considering that there will be a 2 - or 3-month payback for you, it's good value.
Posts in this Thread:
- 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
- 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 <-- Viewing This Message
- Get a Realtor to do a Market Analysis, JimN, Fri, 21 Oct 2005 06:55:25
- why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
- 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
- Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
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