I would like to get rid of my PMI, I have paid almost 22% of my original loan value and now the bank is telling me that it can not be removed unless I pay $135 to have a broker come and appraise my home or I have to wait until the antipated date of 10/2014 of when the bank antipated that I would reach that I would have paid down the 22%. What can I do to force the bank to remove the PMI without paying for an appraisal?
It sounds fair and reasonable to me. A $135 appraisal is a great price. I just paid $400.
The bank isn’t going to remove the PMI (private mortgage insurance) unless the mortgage is less than 80% of the fair market value of the home. In the face of declining real estate prices there is no way to know if your mortgage balance is less than 80% without an appraisal. Otherwise we don’t know what the current value of your home is.
My advice would be to pay the $135 and get the appraisal if you feel your mortgage balance is 80% or less of the current fair market value of your home.
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