Did anyone waived PMI fee after Home re-evaluation

[TEENPATTA]

Do they run the credit check again if we request to remove PMI as home value increased due to COVID ?

[CuteDesiGal]

Refinance chesinappudu yes

[neekunuvvetopu]

6 minutes ago, TEENPATTA said:

Do they run the credit check again if we request to remove PMI as home value increased due to COVID ?

No credit check.. but, they may ask you to do appraisal to waive it based on their policy.  Also some of them may not let you waive if it is under certain years.

 

[bommali]

On 5/10/2022 at 4:37 PM, TEENPATTA said:

Do they run the credit check again if we request to remove PMI as home value increased due to COVID ?

Unfortunately it's not that simple. Inorder to get the PMI waived off, you have to send a written request to your servicer(mortgage company). If your loan is more than 2 years old, they'll ask you to do an appraisal and then based on that the reevaluation is done.

If you loan is less than 2 yrs, they'll deny your request and ask if you have any major upgrades done to your home, and if so they'll ask you to send the proof. The upgrades should be substantial,like > 20000. Once you provide, they'll ask you to do the appraisal from your pocket and submit for reevaluation.

[HEROO]

PMI 20% of value kadthe automatic ga poda pmi ? I am new to house market 

by deafult 20% down payment chesthe no pmi kada alage 10% downpayment chesthe once we pay another 10% will they dont automatically remove pmi ?