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The ONLY way to get rid of PMI (and keep 4.5%)
Posted by Jeff B [Email] (more from Jeff B) on Fri, 21 Oct 2005 11:37:43
In Reply to: Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
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is to do what your current lender says.
First, you need to find all of those papers you signed at closing, and read them. Then you need to understand them. Then you will know the conditions you agreed to with the bank. I bet your loan has either a minimum time frame before PMI can be dropped (say 60 months); or has a requirement that the current outstanding loan balance has dropped below some percentage of the original loan value (this is INDEPENDENT of current property value - paying for improvements rather than paying down loan balance might hurt you here); maybe both; or possibly others.
If you want to do something that changes your agreement, the bank will want to change their end of the agreement also.
To get rid of PMI and keep your rate, you will have to talk to a loan officer at the lender who holds your current loan and find out what they will require. You will need to realize going in that the lender will probably do EVERYTHING they can to get you to refinance rather than drop PMI. I'd might be willing to bet the PMI company is a subsidiary of the lender, so allowing you to drop PMI will hurt corporate profit.
Best of luck, but you really need to talk to your lender about this, not us.
posted by 128.190.6...
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 <-- Viewing This Message
- 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
- 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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