I need help to get rid of my PMI please advise

[Jordan Bradberry]

Hello, All- I purchased a condo in my city for 134k after my 5% downpayment. Because of that I have PMI. I have been in my unit four 16 months now. In the last 16 months there have been multiple units selling in my building for 175K +. Although I am on the first floor I have done some renovations to my unit. A friend of mine who’s a realtor is telling me I have major equity. Please see questions below. 1. How do I get rid of my PMI? 2. And I secure a HELOC from my equity?

[Wayne Brooks]

I assume you have a conventional loan (MIP on a fha will be for the life of the loan).,
You need to talk to your lender....PMI can be removed if your loan balance is 75% or less than the current appraisal, which you will have to get.
A heloc will be similar, you can borrow 80-90% of the value, less your first mtg amount.