How do I remove PMI without refinancing?
Can you remove private mortgage insurance without a refinance? I only owe $132k but my value has risen to $295k. I bought in 2019. Should I get an appraisal done to determine real value? by seansantos310 from Atlantic Beach, Florida. Oct 21st 2022
Dave Skow (daveskow)
#1 ranked lender in Washington - 455 contributions
yes you should be able to remove the mtg ins IF the present loan is NOT a FHA loan . Contact the present lender / servicer and ask them want the steps are to do this . IF you have a FHA loan - there is likely no way to remove the mtg ins ...but contact the lender/ servicer to ask about options anyways
Barclay Butler (Barclay)
#83 ranked lender in Illinois - 89 contributions
Yes if it is a conventional loan, Fannie Mae or Freddie Mac. You will need to do an appraisal to show you have at least 20% in equity. If it is an FHA, or USDA loan you will have to refinance. Keep in mind if it is an FHA loan the monthly MI has dropped from .85 /.80 to .55 / .50. Rates should be Mid to upper 5's. I lend in CA, FL, IL, GA, NC, SC, & TN for residential loans. We can go down to 500 scores for VA & FHA. Barclay Butler. NMLS 225269.www.barclaybutlerfinancial.com
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