Just throwing this out there because I started the process today and should have done it at least a year ago if only someone had told me.
PMI is mortgage insurance that is required when the loan amount is greater than 80% of the property value. Please note that equity is not a consideration - only LTCV (Loan to Current Value).
Since US housing prices are booming, you may be able to remove PMI based on the appreciated value of your property.
Every lender will be different and conditions may apply, but take the time to ask about removing PMI. It may require an appraisal, but you'd make that money back in a year easy.
Also, consider that if your annual PMI cost is $600 and you could eliminate it by paying $10,000 on your loan, that's a return of 6% on your money. ($600 / $10000 = .06).
Submitted July 31, 2017 at 06:47PM by ctarbet http://ift.tt/2f2k329
