All Forum Posts by: Rohit Kochar

Thank you Alex for you time! I am sorry if I wasn't clear so here is the summary again:

Property purchase price when I bought 2 years ago : $374k

Property price now as per MLS comp : $435K

Loan amount 2 years ago : $355,300 ( approx)

My current loan amount : $340K 

My monthly payments including PMI : $2,300

PMI = $214

I have been current on my payments so far. I never delayed any of my payments.

I would explore the re-finance option but right now I guess the rate is close to 4.5-5% and I feel like 3.85 is a really good rate. When I bought this property , I knew this will go up and I would be able to get rid of my PMI.

If I get rid of PMI, I can still get a Home Line of equity on my house right?

So let's say I did an appraisal and appraisal value didn't come to $435k, can i Just pay the difference towards my principal and get rid of my PMI or do I need to another appraisal after paying some of the principal?

I really appreciate tour time.

Thank you so much!

Rohit

Hi Everyone,

I have a questions regarding PMI. Let me explain my current situation. When I bought my property in Long Beach, CA, I only put 5% down payment and took a loan with 3.85% interest rate plus a PMI ( $214). Property value was $374k back then and It has been close to 2 years. But same properties around my neighbourhood has been selling for $435k. One of my friend has a MLS account and she told me this is what my place is worth. My current loan is $340k and LTV ratio is close to 78% ( 340,000/435,000).

So I called my bank PNC and ofcourse they are not very friendly to answer any of my questions and everytime I ask a questions, they reply saying " we do not have the answer and you have to send us a written request". They have no interest in waiving off my PMI.

Now, I would like to know let's say with PNC I go for an appraisal and appraisal value come to be $420k and not $435k. Is it possible to pay off my principal after the appraisal with whatever amount that will make LTV to 78 and get rid of PMI. How long is the appraisal valid for? I do not want to pay more towards principal before even knowing the real appraised value. Also, I want to get rid of this PMI before the next housing bubble . Because If I do not get rid of this now, I will be stuck with this forever and that's what the big bank wants. Also, if my bank is not willing to cooperate, is there a way I can take any actions against them?

I would highly appreciate any replies.

Thanks,

Ro

@Bryan Otteson That makes a lot of sense. 

What if that lender agrees to pay the closing cost for this purchase ? 

Hi Guys,

I asked my brother to send me some monetary help from overseas. I would be using that towards my downpayment. Now, my bank and other lenders they want me to show the details of each and every transactions for down payment. If IO show that my brother is gifting me $8k 

Hello guys,

So this I just looked at this property and I am really interested and willing to buy it.  Now, my the owner wants me to only go through her lender. I really do not know the reason but that's what my real estate agent told me. Have you guys ever encountered the same scenario?  I was thinking to go to a broker, run my application and get the best loan in the market? I would appreciate any advice.

Thanks,

Rohit

Thanks Zachary! I just uplaoded my picture and you should be 

Hi Guys ,

This will be my first investment and so I am trying to do as much as research as I can. 

Hi All,

I have bene living in Long bech for almost 15 months

Thank you so much guys. That was extremely helpful.