I bought a house a few years ago and only put 5% down (I know, I know). I've a done a lot of improvements that the housing market in my area (Washington, DC) has done really well. I'm pretty certain that between the mortgage payments I've made, the improvements I've done and the comps in my neighborhood that I've got well about 20% of the original sale price in equity. I've heard that you can ask lenders to reassess the value of the home and eliminate your PMI payments - has anyone had any success in doing this?
For reference, here are the stats on the home:
-
Sale price: $305,0000
-
Remaining mortgage: $275,000
-
Improvements: repainted and redid floors ($7k), redid kitchen ($27K), redid bathroom ($7k)
-
Comps: $360,000 for same house, unreno'd, $450,000 for reno'd
Bottom line: I think I've got about $170K in equity in the house. What are the odds I can eliminate my PMI even though I haven't paid off 20% of the mortgage yet?
Submitted May 10, 2019 at 12:12PM by kirkl3s http://bit.ly/30aXCL5
