PMI Easily Removed

[Peter Mckernan]

I've heard that it's hard, or costly to get PMI removed off a home, and I was hesitant to even ask how to have it removed. I've heard people have been told three year minimum on before it can be removed, I heard it takes an appraisal to confirm the house has 20 percent equity, and I heard it could take a couple months for the lender to even consider removing it.

So, I called my lender Friday and asked them their policies on removing PMI. The man on the phone told me that all I do is ask for him to put in a request and they'll remove PMI. I was pleasantly surprised. I've had the house for little over a year and the loan is through pennymac. We put 15 percent down when we first bought the house.

Any other experiences?

Peter