Some good thoughts in this discussion so far. Before calling one professional or another, start with a call to your lender (be it the loan servicing folk or perhaps to the loan originator/broker who "sold" you the money in the first place. Mortgage lenders have varying policies as to how to go about ditching PMI, and federal law requires that they drop it when you reach 78% loan-to-value, FWIW.

As you've already heard in this thread, a good Realtor® might be able to help with a market analysis (a good broad yardstick of market range at moment), or your lender may require a full-blown appraisal, in which case also check whether or not your appraiser has to be on your lender's list of approved appraisers. As a Realtor, I've done my share of market analyses for this purpose and have also seen appraisals required.

Also, depending on the type of mortgage product you currently have and how long you've had it, it could possibly be worth looking into re-financing your existing note, especially if you're in an ARM (adjustable rate mortgage) where the rate's gone up significantly recently, and you're wanting the stability of a fixed rate.

Paul
Des Moines, IA

posted by 209.234.7...

• 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
    • 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 <-- Viewing This Message

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