getting ride of PMI: UPDATE

[LoveTrains]

Hello - I posted a while ago about getting rid of PMI.

I called Chase and they sent me a form to fill out and send back with a check for $450 for the appraisal. The appraiser came in mid-May. Today we received our letter that we appraised high enough and they are removing PMI. WOOHOO! That saves us $131/month, so we will easily make back the money for the appraisal in less than 4 months. Thanks MM!!

[steph96]

How exciting!

[sfy]

[raangoli]

That's great news!

[AAM2012]

Awesome!

[farfalla2011]

Awesome!!

[egishere]

good update!

We have our mortgage through Chase too and I just called about this last week. Our PMI is over $300 so it would really save us $! The guy said they would do a review and send a letter. Is that what they told you? I have no problem paying for the appraisal. Prices have gone up so much in our area so I'm hoping that will help. I'm not sure if I fully understand the process of getting rid of it but I know we are still 40k away from it dropping off so I was hoping the appraisal would help??

[hbear]

Congrats!

I'm pretty sure it was your post a few weeks ago that finally prompted me to contact my lender about removing PMI. In a matter of 2 or 3 weeks we had the appraisal done and were also able to drop PMI, which was $300/month for us.

So I owe you a big thank you!

[LoveTrains]

May 31, 2016 14:47:29 GMT -5 egishere said:

good update!

We have our mortgage through Chase too and I just called about this last week. Our PMI is over $300 so it would really save us $! The guy said they would do a review and send a letter. Is that what they told you? I have no problem paying for the appraisal. Prices have gone up so much in our area so I'm hoping that will help. I'm not sure if I fully understand the process of getting rid of it but I know we are still 40k away from it dropping off so I was hoping the appraisal would help??

I called and the guy at the call center said they would do a review and send a letter. The letter stated that I had not achieved enough equity and required a new appraisal. I had to send in the form with a check for $450.

About a week or two after sending in the check, I received a call to schedule the appraisal. I scheduled it for that week and the appraisal was easy. I had the appraisal two weeks ago. So the process took about six weeks only because I was slow about sending in the form with the check.

[LoveTrains]

I will add that prices have increased in my area and that's why I appraised high enough. I bought the house for $280k three years ago and it appraised for $347k. We only put 5% down.

[melmel48]

My PMI is $26 a month, ( low purchase price, first time home owners program) so it would take a long time to break even after paying for an appraisal.... It is such a low number, but it drives me crazy to have to pay it! Congrats to you!

[melmel48]

May 31, 2016 19:20:14 GMT -5 LoveTrains said:

I will add that prices have increased in my area and that's why I appraised high enough. I bought the house for $280k three years ago and it appraised for $347k. We only put 5% down.

That is a nice increase! My place is valued at approx $40,000 more than what I paid for it, but unfortunately that means the prices of other condos has gone up too! So I am stuck here for awhile because I can't afford to move. 

[compassrose]

That's great! And holy real estate appreciation batman!

[egishere]

May 31, 2016 19:16:51 GMT -5 LoveTrains said:

May 31, 2016 14:47:29 GMT -5 egishere said:

good update!

We have our mortgage through Chase too and I just called about this last week. Our PMI is over $300 so it would really save us $! The guy said they would do a review and send a letter. Is that what they told you? I have no problem paying for the appraisal. Prices have gone up so much in our area so I'm hoping that will help. I'm not sure if I fully understand the process of getting rid of it but I know we are still 40k away from it dropping off so I was hoping the appraisal would help??

I called and the guy at the call center said they would do a review and send a letter. The letter stated that I had not achieved enough equity and required a new appraisal. I had to send in the form with a check for $450.

About a week or two after sending in the check, I received a call to schedule the appraisal. I scheduled it for that week and the appraisal was easy. I had the appraisal two weeks ago. So the process took about six weeks only because I was slow about sending in the form with the check.

ok perfect!  That sounds exactly what they told me.  Fingers crossed I have the same success!

[egishere]

May 31, 2016 19:20:14 GMT -5 LoveTrains said:

I will add that prices have increased in my area and that's why I appraised high enough. I bought the house for $280k three years ago and it appraised for $347k. We only put 5% down.

Yes we bought for 369k four years ago and they are selling in the 530s in our hood now so I think we will qualify!

[yentl]

That's awesome! Well worth the effort.

[jene]

That's awesome!