Josh Shere, Home Buyer in Janesville, WI

I bought a house last year for 155K and it was appraised at 160K. Need to know if its worth having an appraisal to get rid of PMI.

Asked by Josh Shere, Janesville, WI Tue Oct 15, 2013

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4
First, you need to understand your loan to value ratio. The LTV is the difference between the amount of your loan and your home's value. It is easy to calculate your LTV. Simply divide your loan amount by the value. For example, if you borrow $135,000 for a house value at $150,000 , your LTV will be 0.9 or 90 percent.

Also remember, that you will have some expenses during this process. Talk to a mortgage broker that can review your documents and advice you properly.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Wed Oct 16, 2013
Hi Josh,

I would need some additional informaiton to properly answer that question. Feel free to contact me to discuss this in further detail if you like.

Regards,

Myrna Bourcy
RE/MAX Results
(612) 868-9261
0 votes Thank Flag Link Wed Oct 16, 2013
Typically one needs a 20% equity position to get rid of PMI. I would talk to a realtor and have them do a preliminary evaluation of your home before paying for an appraisal as it is non refundable. I do this for people often as it's silly to pay for an appraisal if it's not close. If it is close, but not quite there, you could also make it up in cash to get 20% equity.

Good luck!

:)
0 votes Thank Flag Link Tue Oct 15, 2013
Odds are pretty good it will appraise a little higher as appraisers use the "closest and most recent" comparable sold properties, and the prices have been up year over year. it still would not hurt to have someone pull the comps first just in case...
Flag Wed Oct 16, 2013
I don't think I would have asked that question if I didn't understand pmi
Flag Tue Oct 15, 2013
It's close. We are about 5k away and an increase in appraisal value would do the trick
Flag Tue Oct 15, 2013
When you need more details please let me know and I will disclose them.
0 votes Thank Flag Link Tue Oct 15, 2013
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