Wife and I purchased our house nearly 2 years ago. Housing market has of course skyrocketed since then, and we definitely owned less than the PMI threshold of our home value.
We explored refinancing, but we got a really good rate and could not find anything better.
We contacted our mortgage credit union, and asked if there was a way to assess the value of our house to remove PMI. They said, for $250; we could have them send a bank approved assessor down to confirm our home value is above value.
We submitted the forms, and two weeks later they informed it they would remove our PMI. They ended up doing just a market value assessment (no payment or inspection) and determined our home value is well above the PMI threshold.
Excited to be saved over $150 a month.
Moral of the story. It never hurts to ask. Check your home rates and see if it might be a possibility. We saw many houses in our neighborhood selling for well above what we paid even though they were similar in size and quality.
Submitted July 26, 2021 at 02:29AM by iJeffwuh https://ift.tt/3eV49CJ
