Hi Denise! I literally just paused your video and called my mortgage company...they took it off with no questions asked. You just saved me $68.00 a month. Thank you!
Thank you. You really explained that well! The mortgage company explained it but I didn’t know if I had to refi or could just get rid of it without the refi!
Your amazing! Thank you!!! Banks wanted me to refinance. I wouldn’t thought that just or take a little research homework and then call my lender. Gracias :)
US bank si telling me I only have two options. 1: original value cancellation and 2. Current value cancellation the second option says I have have competed substantial improvements to the property since the loan closed.
Hi, I bought a house around 10 month ago for 140 thousand, it was a foreclosure home, and I bought it as is. Had to do some repairs to the home. New floors , remoded the two bathrooms, new furnace , fixed pool, and new wall paint. At that time average homes in the area were around 180 to 200k. Haven't check but I'm assuming with all the fix that I did to the house my equity should be more more than 20%. Any advise on what should I do or what step should I take? I'll appreciated any help you can provide me, since we don't know how is this pandemic going to affect the house marketing Im afraid that I would loose any aquity gained.
Hi I just purchase my first home and the bank said that my loan is 30 yr conv w/pmi Can I remove the pmi when the 20% is pay off I’m asking because I’m putting a lot of money towards the principal since someone told me that I can remove the pmi please let me know thanks for the info and the video.
Hi Denise I was told I cannot remove my Mortgage Insurance since my loan was done after 2013. I was told I need to refi. I bought a home two years ago for 390k and now comps are at 550k. please help!
Hi, I received a letter from my lender stating I have reached 80% of the loan-to-value ratio (LTV). It continue to say I have to order a new property valuation through them (the bank PMI Department.) At the end of the letter the lender states: "If you choose not to proceed with ordering a new valuation at this time, the bank will terminate your PMI within 30 days;." However, I have to send $4,035.75 immediately if I do not do the property valuation with them. Can you shine some details on this. I am very confuse. Thank you.
@@annanicole7642 I had to refinance because M&T said they purchased my loan with a PMI for life contract. I started refinancing with them, but they were very sketchy. They gave me numbers and contract terms initially. However, the final contract was nothing like what we agreed. No one said a thing to me, they gave me the documents to sign hoping I wouldn’t read it. I canceled to refinance with them and did it with Inland Bank. They weren’t as bad, but they sold my loan to USBank within 15 days after the closing. Be very weary, read everything and ask for help from knowledgeable friends or pay a lawyer to review it for you. These bank are at the top of the food chain and we are easy pickings. Good luck!
Question here , if I buy with 3 % down and 2 months later I come up with the other 17% cash and pay on the principal can I remove the PMI?, Assuming that the home value remain the same , or how about this other scenario ,I buy with 3 % down and by the blessing of the Lord the home value incrases 17% in 6months ?
My mortgage was 262,000 now it is 215,000 and my house is worth about 360-380,00. CHASE IS REFUSING TO REMOVE the PMI & I FEEL LIKE THEY ARE WRONG! HELP
So your original mortgage was 265000. You have paid it down to 218000(congrats thats awesome). To reach 20% of 265000 you need to pay off 53k. At 21800 you are almost there(again awesome) just 6k too go! To take advantage of the increase of equity you would need to refinance, or sell. Personally i would just pay off the 6k as quickly is i could. Then chase will definitely have to remove the pmi...GL
jajupa78 thank you & you’re right. It was removed in August. This is my first month of being “MIP” free. I had to get it down to about 205,615.80 & I did so in Jul. I still had to pay the MIP in August because fha mortgage insurance, is always in arrears. Meaning the payment for August was for July; very weird stuff.
I really need ur help I feel like my mortgage company jerked me I got Fannie Mae conventional fixed 30 year i bought the house for 281,200 but my mortgage company insisted I take out 296,000 for fee cost when I paid them close to 25,000 which makes no sense wear the money went anyways help get rid of my PMI I pay 1814.86 only 463 goes to see Principal
I am at a .74 and was denied because they use loan to original value not the current value, is that the way some banks operate? It’s lakeview/loancare btw
No you're allowed to get an appraisal done for CURRENT value... have you been in the home for 2 years? YOu have to pay the $500 for a current appraisal but it is worth it to get that removed!
@@themortgagenerd What is odd is on their Website they list my approximate current value so i used their numbers to do the math. I have owned the house for 2.5 years It’s 150 dollars for an appraiser to come out but I pay the mortgage company for this and they send someone out which seems it could be slanted in their favor doing this
@@johnsmith8085 the lenders have to hire a 3rd party unbiased appraiser. There's regulation around this that protect you and the bank from picking and choosing an appraiser that will work in either's favor.
Denise we have a HARP loan, living in SO CAL, our Mortgage is with M&T Bank. As per your instructions I did the calculations and we are at .56%, we even had an appraisal done on our home, inspire of these details M&T bank refuses to cancel the PMI stating since it's a HARP loan the PMI cannot be removed. Can you please advice how should I navigate this hurdle?
Ive heard alot of people say 80% loan to value is required to remove pmi and after 3 yrs in my home I believe I reached that requirement. But now my bank (chase/jp morgan) is saying i have to have 25% equity which makes it 75% loan to value. But Can they actually do that to me or is there a law against that? And is there a certain length of time i have to own my home to qualify?
I called my lender. PMI department only interacts with email. They state that they have 30 days to respond to requests. if they require additional info- they gat another 30 days to respond. F*** the banks.
![How to Get Rid Of PMI [Private Mortgage Insurance]](http://i.ytimg.com/vi/BL9LW2fjLLs/mqdefault.jpg)
Hi Denise! I literally just paused your video and called my mortgage company...they took it off with no questions asked. You just saved me $68.00 a month. Thank you!
Stephanie Brown no way!!!! Great job!!!
Thanks a million! Literally looked at a bunch of videos and no one gave us the actual formula but you did so THANK YOU!
Thank you. You really explained that well! The mortgage company explained it but I didn’t know if I had to refi or could just get rid of it without the refi!
Thank you. your video is informative to me. I am going to talk to my lender.
Malai Samy Ramamoorthy great!
Fantastic video! You're a GREAT teacher!
Very helpful thank you so much!!!
Your amazing! Thank you!!! Banks wanted me to refinance. I wouldn’t thought that just or take a little research homework and then call my lender. Gracias :)
US bank si telling me I only have two options.
1: original value cancellation and 2. Current value cancellation the second option says I have have competed substantial improvements to the property since the loan closed.
Hi, I bought a house around 10 month ago for 140 thousand, it was a foreclosure home, and I bought it as is. Had to do some repairs to the home. New floors , remoded the two bathrooms, new furnace , fixed pool, and new wall paint. At that time average homes in the area were around 180 to 200k. Haven't check but I'm assuming with all the fix that I did to the house my equity should be more more than 20%. Any advise on what should I do or what step should I take? I'll appreciated any help you can provide me, since we don't know how is this pandemic going to affect the house marketing Im afraid that I would loose any aquity gained.
If closed after 2013, FHA loans require PMI for the life of the loans. I have tried calling about that twice.
Cynthia Lopez yes that is correct.
very helpful thank you.
Very helpful. Thank you!
I will definitely do that. Thanks.
Is it different for a conventional loan?
Really good information thank you
Thank you for all the info that you are sharing.
July 2021 can this work for my loand?
Does this only work with conventional loans or can it work with FHA loans as well.
Do you get an appraisal before calling your lender? Or if the estimate is below 80% can you call
Hi I just purchase my first home and the bank said that my loan is
30 yr conv w/pmi
Can I remove the pmi when the 20% is pay off I’m asking because I’m putting a lot of money towards the principal since someone told me that I can remove the pmi please let me know thanks for the info and the video.
Yes. When you get to 80% ltv you can contact them and have it remove
Hi Denise I was told I cannot remove my Mortgage Insurance since my loan was done after 2013. I was told I need to refi. I bought a home two years ago for 390k and now comps are at 550k. please help!
Louis Kealii Santos I'm just wondering what ever became of your situation?
Ever find anything out?
Same
What state are you in and does that matter as far as your willingness to help.
Hi, I received a letter from my lender stating I have reached 80% of the loan-to-value ratio (LTV). It continue to say I have to order a new property valuation through them (the bank PMI Department.) At the end of the letter the lender states: "If you choose not to proceed with ordering a new valuation at this time, the bank will terminate your PMI within 30 days;." However, I have to send $4,035.75 immediately if I do not do the property valuation with them. Can you shine some details on this. I am very confuse. Thank you.
Thank you for the information!!
Hi thanks for the information. Could this work for me if i have an FHA loan? I checked the numbers and i have a .62 loan to value on my home
Hi Denise! Do you know if having Solar Panels will help? Thank you
Hmmm it really depends - I would ask your realtor :)
I sued wells fargo in small claims court...I dropped my case they dropped the pmi
..
Thank you thank you!!!
Is pmi for life legal? My bank (M&T), says that I must refinance to take it off. Is that true?
I’m also with M&T bank but this was not my initial lender. We’re u able to get it removed?
@@annanicole7642 I had to refinance because M&T said they purchased my loan with a PMI for life contract. I started refinancing with them, but they were very sketchy. They gave me numbers and contract terms initially. However, the final contract was nothing like what we agreed. No one said a thing to me, they gave me the documents to sign hoping I wouldn’t read it. I canceled to refinance with them and did it with Inland Bank. They weren’t as bad, but they sold my loan to USBank within 15 days after the closing. Be very weary, read everything and ask for help from knowledgeable friends or pay a lawyer to review it for you. These bank are at the top of the food chain and we are easy pickings. Good luck!
Question here , if I buy with 3 % down and 2 months later I come up with the other 17% cash and pay on the principal can I remove the PMI?, Assuming that the home value remain the same , or how about this other scenario ,I buy with 3 % down and by the blessing of the Lord the home value incrases 17% in 6months ?
raff yes... it is a HPA law and allows early removal of the PMI :)
@@themortgagenerd thank you very much
My mortgage was 262,000 now it is 215,000 and my house is worth about 360-380,00. CHASE IS REFUSING TO REMOVE the PMI & I FEEL LIKE THEY ARE WRONG! HELP
So your original mortgage was 265000. You have paid it down to 218000(congrats thats awesome). To reach 20% of 265000 you need to pay off 53k. At 21800 you are almost there(again awesome) just 6k too go! To take advantage of the increase of equity you would need to refinance, or sell. Personally i would just pay off the 6k as quickly is i could. Then chase will definitely have to remove the pmi...GL
jajupa78 thank you & you’re right. It was removed in August. This is my first month of being “MIP” free. I had to get it down to about 205,615.80 & I did so in Jul. I still had to pay the MIP in August because fha mortgage insurance, is always in arrears. Meaning the payment for August was for July; very weird stuff.
I really need ur help I feel like my mortgage company jerked me I got Fannie Mae conventional fixed 30 year i bought the house for 281,200 but my mortgage company insisted I take out 296,000 for fee cost when I paid them close to 25,000 which makes no sense wear the money went anyways help get rid of my PMI I pay 1814.86 only 463 goes to see Principal
What is the current value of the home? and the current loan balance?
@@themortgagenerd current value of the home 300,000 & i bought it for 296,000 & I owe 281,200
Thank you , great information
I am at a .74 and was denied because they use loan to original value not the current value, is that the way some banks operate? It’s lakeview/loancare btw
No you're allowed to get an appraisal done for CURRENT value... have you been in the home for 2 years? YOu have to pay the $500 for a current appraisal but it is worth it to get that removed!
@@themortgagenerd What is odd is on their Website they list my approximate current value so i used their numbers to do the math.
I have owned the house for 2.5 years
It’s 150 dollars for an appraiser to come out but I pay the mortgage company for this and they send someone out which seems it could be slanted in their favor doing this
@@johnsmith8085 the lenders have to hire a 3rd party unbiased appraiser. There's regulation around this that protect you and the bank from picking and choosing an appraiser that will work in either's favor.
Yeah, the bank wants to send their own appraisal team. It sounds like an insider deal.😔
M P it’s probably not actually... appraisers are indecently owned and federally regulated. They can’t do any funny business :)
Denise we have a HARP loan, living in SO CAL, our Mortgage is with M&T Bank. As per your instructions I did the calculations and we are at .56%, we even had an appraisal done on our home, inspire of these details M&T bank refuses to cancel the PMI stating since it's a HARP loan the PMI cannot be removed. Can you please advice how should I navigate this hurdle?
Terri Baker I agree with you... I have the same bank...they do not want to eliminte my pmi
Good info and your cute!
What is the time frame? Or can you PMI as soon as you drop below 80%
I have a FHA loan can PMI be removed?
If was prior to 2015 yes... if not - you would have to refinance out of the FHA loan to remove the PMI.
Ok thank you so much for your help
Ive heard alot of people say 80% loan to value is required to remove pmi and after 3 yrs in my home I believe I reached that requirement. But now my bank (chase/jp morgan) is saying i have to have 25% equity which makes it 75% loan to value. But Can they actually do that to me or is there a law against that? And is there a certain length of time i have to own my home to qualify?
Fannie and Freddie requirements is between 2-5 years you have to have 25% equity to remove PMI. After 5 years it’s 20% equity.
Does this also work for fha loans?
Sherry Mercado sadly, no it does not.
I called my lender. PMI department only interacts with email. They state that they have 30 days to respond to requests. if they require additional info- they gat another 30 days to respond. F*** the banks.
My home has less than 30%, the bank is still charging pmi.
Depends on the type of loan, or the bank policy.
I just purchase a home a month ago for $180 and the house was appraised for $205.. i have a conventional loan does that apply the same?
Casual Gamer yes you just have to wait a year usually
Hi Denise! What’s a good email to reach you?
Jonathan Salgado denise@yourmortgagenerd.com
What's Denise email address?