Dropping PMI

[Brandon West]

Hello, I currently have 2 properties that were bought with less than 20% LTV with traditional financing. With current appreciation and the value add that I have done on them I am confident that I am now above 25% LTV. I know that this is threshold for dropping PMI but that banks have not been to eager to help me out.

Does anybody have any advice on how to get rid of this PMI without having to refinance. My current rates are as good as I am going to get.

[Russell Brazil]

Your bank should have a process for applying for it. Typically the bank will have to have an appraisal done, and if you have enough equity then they would drop the PMI. However if either of the loans is an FHA loan, it may have permanent PMI attached to it depending on when the loan was issued.