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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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Originally posted by venomous99:

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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appraisals go for 300-500 depending on the type of property and appraiser. even if you get your own appraisal, the lender who will be funding your loan will order their own appraisal regardless if you provide one. to avoid wasting money on an appraisal that will be repeated, i suggest you get a feel for the market by monitoring recent sales comparable to your property or check zillow and then discuss w/ the bank you plan to refi w/ if your property has a good chance of meeting the LTV requirements.

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Originally posted by stanger00:

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Originally posted by venomous99:

quote:

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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appraisals go for 300-500 depending on the type of property and appraiser. even if you get your own appraisal, the lender who will be funding your loan will order their own appraisal regardless if you provide one. to avoid wasting money on an appraisal that will be repeated, i suggest you get a feel for the market by monitoring recent sales comparable to your property or check zillow and then discuss w/ the bank you plan to refi w/ if your property has a good chance of meeting the LTV requirements.

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Not too bad on the cost but I'll save my money since it doesn't seem we are close enough to 20% equity.

I check the zip realty app to see what hits the market and right now houses hit the market and go know contract in about a week where I live. It's awesome!

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quote:

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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Originally posted by losbadgts:
Same boat as you. Bought my house last year with 8% down conventional loan. But dont wait until next year if u want to refi and remove the pmi. Next year the interest rate will be up again. Im waiting a few more months so my home can be up in the 20% so i can refi for a bit lower interest and remove the pmi. [/QB]

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Originally posted by 5.t0es:
Contact a good lender, They can do market research and will have a good idea if you are over 20 percent, if you end up doing the refi, I believe the appraisal was 400-500...good luck

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Originally posted by sic70stang:
just sac it up and put the 20% down.

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Originally posted by SVTGhoust:

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Originally posted by sic70stang:
just sac it up and put the 20% down.

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Being married to a finance major and having a father as an accountant...this advice is the best thing to consider when purchasing a home. If you don't have 20% down... You are not financially ready to purchase a home.

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