No More PMI!!!
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No More PMI!!!
| Thu, 06-02-2005 - 7:58pm |
Hooray!!! We just got a letter from Chase Manhattan Mortgage that our PMI is being cancelled! We had the house re-appraised, at our cost, in early May, and the letter they sent to us is dated May 24th. In the letter, they say that they will refund any PMI payments made to them after that date, so that would include the June and July payment that we just sent out to them just moments before we got their letter.
So that's a savings of $114 each month! Or $1368 a year! Every year! LOL! :-D I'm so thrilled! :-D
Pat

congrats.
sounds like you will have some snowflakes.
MYM
That is so awesome! How long have you been in your home? DH and I have talked about the "investment" to have our home reappraised to see if we can get ours cancelled as well. We have been here only 3 years, though. I don't know if it would pay off for us.
Susan
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We bought our house in 1997. We really haven't made much of a dent in our principal debt on the loan (paying mostly interest and escrow/PMI during this time and a little of our payments go to principal), but we got lucky because the homes in our area were increasing in value. We had bought our home for $158, and homes are now selling in our area in the low 200's. If homes have increased in value in your area, also, you might try just writing a letter to your mortgage company. The worst they can say is No. :-D Our mortgage company wrote back saying that we hadn't paid off 20% of our loan, but we could cancel our PMI by either paying the remainder of the 20% due....or having our home re-assessed by one of their "approved" companies, at our cost. We chose to have it re-appraised. We knew that, if we could get rid of the PMI, it would make up for the cost of the appraisal.
Now I'm really glad we did! It felt like an eternity waiting to hear back from the mortgage company about the results, but it really only took a few weeks.
Good Luck!
Pat
It depends where you live, For instance my house even with as much work as it still needs appraised at over $150000 more then what we paid for it in 02.
Shannon
Shannon