Re: Ask Anything About Mortgages
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My mortgage has PMI on it, I paid the loan down to where I have 78% loan to value from the original agreement. My understanding is that this was to come off automatically at 78% but now they want a Brokers Price Opinion costing me $115 which I don't want to do just because of the cost. Is this required or are they just jerking me around?
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this is pretty standard... my bank charges $380 for removal of PMI... it covers the admin costs and the cost to "re-certify" your appriasl in order to ensure the house is still holding value.
PS... don't forget to ask your tax man if you can write off that PMI, laws changed recently on the tax deductability of PMI
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