Quote:
Originally Posted by silver912e
I recently bought a house and paid 5% down, planning to pay the loan down when I sold my house. It required mortgage insurance since I had less than 20% down. I've since sold my other house and paid the mortgage down from $300,000 to $91,000. Immediately after paying it down I requested that the PMI be dropped. The farted around for a couple of months, pretending that they never got my request, and now want me to pay $110 for an inspection to be sure that my property hasn't dropped in value. Again, stalling while I pay another month of PMI.
I would like to call them on this BS, and get them to refund the now 3 months of PMI. Any ideas?
Thanks.
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You put the current balance of the loan below 80% of the original purchase price. THEY DO NOT NEED TO DO AN APPRAISAL-
that is only there if you are declaring the property went UP in value due to things you have done, such as added footage.
It's a law.
rjp