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

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Oct 19, 2021
3:30:01pm

Superman21 All-American

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

Lender will require anywhere from 2-5 years to drop PMI and they have to hit an LTV below 80% to qualify before naturally falling off. Most lenders will send you the forms or they have them on their website showing the requirements.

To save you some time, you are better off refinancing.

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Superman21

Bio page: Superman21
Joined: Jun 16, 2014
Last login: May 5, 2024
Total posts: 5,401 (124 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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