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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Standard. Don't you pay more than that in MI? They aren't going to waive the requirement, so you seem to be cutting your nose to spite your face.
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why is this standard? the LTV is <80%, what the hell does he need an opinion on that for? fwiw, my pmi is a measly $29/month, i'm gonna be pssed if my bank tries to charge me money to take it off when it is SUPPOSED to come off according to the original loan agreement
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I'm sure if you read your original loan agreement, you will see that they need an opinion of value to make sure that the property's value hasn't declined.
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