All Forum Posts by: Patrick Mortenson

all good points

thank you!

i pay about 70$ a month for pmi so that would pay for the appraisal in less than 8 months. so that math looks very good to me!

so like chris mentioned, if the home doesnt appraise for what the county thinks it does than i can challenge that. right now im being squeezed on both ends.

if it appraises lower than the county thinks, would i be able to use that appraisal to challenge it?

good point on the heloc. i dont want to be over leveraged. i was just thinking of locking in a low rate on one before rates continue to climb. i dont know much about helocs, need to read more.

newbie question about how to remove pmi and get heloc.

we have owned our home for about 4 years now. this is our only house, mortgage is held by freddy mac, servicing company is qrl. the county recently reappraised our house for the next tax year and thinks the value has gone up enough to give me over 20% equity. i called the loan servicing company to ask about dropping pmi. they say they wont go by the county estimate. they want me to pay them to send an appraiser out.

im also considering looking into getting a heloc just to have open as an emergency fund.. which would need another appraisal. 

im wondering if there is a way to somehow do both of these things and only pay for one appraisal. at over 500$ that would be a lot of money for me to pay twice.

also, would there be some kind of conflict there? trying to remove pmi while at the same time opening up a heloc?

Amazing! That is some great stuff to bite into. I appreciate it!

also, does anyone that has vacation rental experience know a good way to figure what kind of vacancy rate to expect? I'm sure it is completely different depending on location, time of year and desirability of property. I considered asking a vacation rental management company but I'm not sure if I could get an honest answer or not.

does anyone have any recommendations for a good book or other resources for information about investing in and self managing a vacation rental?