2007-11-30 18:32:11 · 5 answers · asked by jaketran 1 in Business & Finance ➔ Renting & Real Estate
In most conventional loans, you can qualify to have PMI removed once you reach at least a 22% equity position, which you appear to have reached.
However, certain FHA and HUD loans do not follow the same criteria. Some of those loans only provide for removal of PMI when you have reached a 22% equity level based upon the original purchase price, as opposed to current appraised market value.
2007-11-30 18:42:06 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
If you mean taking your loan into account you have 26% equity in the value of your home, yes you should ask for your pmi to be removed. If your bank puts up a fight, insist for an appraisal, but if they are the ones telling you that, then you should have no problem.
I am assuming you mean that you have 26% equity in the VALUE of your home, otherwise what you're saying wouldn't make sense.
2007-12-01 02:42:30 · answer #2 · answered by Lesley 5 · 0⤊ 0⤋
Yea, I think you're required to have PMI on your mortgage only until you have 20% equity build up. But you have to request the bank to take it off. Do it now and save some $$$!
2007-12-01 02:41:11 · answer #3 · answered by qu1ck80 5 · 0⤊ 0⤋
You can, and should, and if the bank admits that you have that much equity, they are required to do so on request.
2007-12-01 02:35:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
pmi is insurance once it is payed down you can remove it i suggjest u sit down and read the documents
2007-12-01 02:35:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋