puneet budh, Home Owner in Springfield, MA

I am paying home loan for exactly 1 year (12 months - no late fees). So far I have paid 8% (92% remaining) of the purchased value. I got loan from

Asked by puneet budh, Springfield, MA Thu Mar 4, 2010

Wells Fargo bank. But if I compare my loan to the appraised value it is around 70%. Is it possible that PMI on my home loan will be removed?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Thu Mar 4, 2010
There are a couple of things you must pass before removing PMI. The first is that you must hold PMI for at least 2 years before it can be removed, you must have an appraisal chosen by the lender showing at least 22% equity in the home and the area where you are must NOT be in a declining market. Pass those 3 tests and you can probably have your MI (PMI is a company name) removed.
1 vote
Dan Chase, Home Buyer, Texas City, TX
Fri Mar 12, 2010
Are you sure that is correct? Most amortization tables do not seem to work that quickly for paying off the principle amount owed. You could pay off 8% in money and only pay off 1% of principle.
0 votes
Peter Grimm, , Connecticut
Fri Mar 12, 2010
This should answer most of you questions or at least get you moving in the right direction.
0 votes
Dawn Nostin, Agent, Glastonbury, CT
Thu Mar 4, 2010
There are quite a few factors to removing PMI. Generally you are to have a two year history of payments and have between 20-25% equity in the home before they will remove it. Also, the appraisal you are using, what is the age of it? If it is more than 3 months old, I do not believe it will be acceptable to your bank. But as I always tell people it never hurts to try. Try requesting in writing to have the PMI removed and see what their response is, you tuly just never know until you do it. Good luck. If I can be of further assistance, please let me know. dawnnostin@yahoo.com
0 votes
Carl Henker, , 95928
Thu Mar 4, 2010
You will need to work with Wells Fargo if they still hold the loan. You may find that two years payment history is required and a full appraisal. Good Luck
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more