With the 2023 increase to our home's assessed value we are now at over 40% equity and are still paying PMI.

Can we get it removed by requesting the removal to the mortgage company using the county assessment or do we need to have an appraisal done?

I have read that we can request the removal , do all mortgage companies agree to that or would they make us refinance? Anyone go through this before?

Pretty sure lender will require an independent appraisal to get it dropped. Perhaps Jay will chime in on this

You have two basic options.

1 show you have 22% equity from the original sales price. So just a buy down on the Lon.

2 get an appraisal to show that equity using current market value to loan balance. The appraisal is ordered by the lender and you pay for it. In this scenario there may be minimum time from purchase date to elimination. You may have to check with the lender.

Either way no need to refinance unless there are other goals to achieve. Say a cash out. That the quick answer

We have had the mortgage over 7 years and exceeded 22% equity in 2021 based on the county assessment.

Can we ask for a refund of PMI payments for 2022?

Exceeded 22% with option 1 or 2? If you use market value you would need to show the 22% at what date? That could be hard. Not sure on option 1. You need to talk to the lender but I doubt it either way.

Oh 20% is commonly quoted and almost all lenders with go with that but by federal law it's 22%.

SteveBott said:

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Exceeded 22% with option 1 or 2? If you use market value you would need to show the 22% at what date? That could be hard. Not sure on option 1. You need to talk to the lender but I doubt it either way.

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Got it thanks.

We are just under 20% using original loan amount so will need an appraisal.

We just had this done, had to pay $525 for an appraiser to come out. He did his thing then asked me what we needed to be at value wise to remove this bulls*** PMI from our loan. So I told him and he said no problem it'll easily be above that. Overall very easy process.

Call your lender. I did this last year. Had to write a handwritten letter (seemed odd to me) then had the option of paying 750 for an appraisal (through them) or 75 for a BPO ( broker Price Opinion.) Went with the 75 option. Guy came out and took some pics, wrote it up like an appraisal and it was removed the next month.

Pretty painless.

bonfarr said:

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SteveBott said:

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Exceeded 22% with option 1 or 2? If you use market value you would need to show the 22% at what date? That could be hard. Not sure on option 1. You need to talk to the lender but I doubt it either way.

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Got it thanks.

We are just under 20% using original loan amount so will need an appraisal.

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If you're close... would it be more cost effective to just pay down the loan? Seeing $500 on the low side for the appraisal it might be worth it to wait it out or just put some extra cash to the note.

When did you purchase the house?

Jay@AgsReward.com said:

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When did you purchase the house?

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2016

I really should have asked how long have you had the current loan, but I will assume more then five years. If that is the case you would just call your servicer, tell them what you are trying to do and they will order an appraisal at your cost of course. Assuming the loan to value comes in under 80% you are good to drop. if you have had the loan between 2-5 years the loan to value has to be 75% or under.

Doesn't it depend on type of mortgage? For example, if you have an FHA loan…it's a difference process??

Yes. Removal is conventional loans. FHA does not cancel. Except refinance to conventional