We refinanced twice this year and no longer have PMI

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Oct 19, 2021
3:28:16pm

wannnacruise All-American

We refinanced twice this year and no longer have PMI

Bought our house last year with PMI, refinanced in January. They sent an appraiser out, and didn't quite give us 20% but was able to drop it to like $20 a month.

Refinanced again in July - they were able to run their numbers and waive the appraisal, and were able to drop PMI completely.

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wannnacruise

Previous username: magical cow0
Bio page: wannnacruise
Joined: Aug 31, 2007
Last login: May 2, 2024
Total posts: 5,366 (1 FO)

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Messages

Author

Time

Question on refinancing out of a PMI

LeonMarek

10/19/21 3:19pm

it's either an appraisal or if the lender's internal metrics show its

Hsaru

10/19/21 3:21pm

Most MI companies aren't allowing the MI to drop off before two years right now.

10/19/21 3:22pm

Yep, we just tried. I'm in a similar situation to OP

letthewookieewin

10/19/21 3:23pm

Depends on the lender, mine just increased the value with no appraisal last year

Plato

10/19/21 3:21pm

you don't necessarily need to refinance to drop PMI, you can do it with an

BYUFBDAD

10/19/21 3:21pm

Not within a year of purchasing the home or getting a new loan.

Superman21

10/19/21 3:30pm

We refinanced twice this year and no longer have PMI

10/19/21 3:28pm

I refinanced earlier this year out of PMI after just a year in the home. The

10/19/21 3:33pm

BM Mulletino! Depending on your current rate, it may be possible to refinance

AFewThoughts

10/19/21 3:35pm

We refinanced through Mullitino about a year ago. I still haven't found anyone

scottfunkel

10/19/21 5:01pm

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