Learned something yesterday about PMI that maybe other people don't know, so I wanted to pass it along and maybe save someone else some trouble. My wife and I are very fortunate in that we were able to pay off the first 20% of our mortgage very ahead of schedule (5% down). So, I had assumed that once that 20% threshold was hit, PMI would be automatically eliminated from our escrow. Well I was wrong, at least when it comes to our lender (5th/3rd). I need to, in writing, request that our PMI be eliminated. I'm not sure what reasoning the bank could have to deny that request, but if I hadn't called and asked, I'm guessing I'd still be contributing money toward escrow that wouldn't be used; money that I could have otherwise used towards the principal or some other interest-bearing debt. This was news to me, so I just wanted to share in case their are other first-time home-buyers in the same situation that can get ahead of the ball. Have a good day!
Submitted December 29, 2018 at 11:12AM by CodenameBelugaJim http://bit.ly/2ESr5ly
