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Updated about 7 years ago on . Most recent reply

Amanda G.'s profile image
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Amanda G.
  • Rental Property Investor
  • from Augusta, GA
  • Member since Oct 6, 2017
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Amanda G.'s profile image
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Amanda G.
  • Rental Property Investor
  • from Augusta, GA
  • Member since Oct 6, 2017
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Amanda G.
  • Rental Property Investor
  • Augusta, GA
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825
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Private Lending & Conventional Mortgage Advice

Mortgage Insurance early removal?

Amanda G.
  • Rental Property Investor
  • Augusta, GA
Posted

A friend bought a place with 5% down. A recent appraisal says the home is worth significantly more, so his remaining balance is below 20%. Is there an inexpensive way to get the PMI removed?

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Jeff Dulla's profile image
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Jeff Dulla
  • Lender
  • from Western Springs, Illinois
  • Member since Dec 18, 2015
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Jeff Dulla
  • Lender
  • from Western Springs, Illinois
  • Member since Dec 18, 2015
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Jeff Dulla
  • Lender
  • Western Springs, IL
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Jeff Dulla
  • Lender
  • Western Springs, IL
Replied

@Amanda G. How long ago did he buy it? 

Yes - call the servicer and ask them to cancel the PMI. Provide the appraisal. They may want to do their own though.

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