August 26th, 2022 1:05 PM by Salim (Sam) Kader MLO# 130505
a) Multiply the present value of your mortgage by 1.25.b) Ascertain the purchase price or appraised value of your property.c) If the value in step a is larger than b, PMI will continue. If the
value in step a is smaller than b, you may request PMI cancellation.
3) Get a new appraisal instead of the original purchase price or appraised value when deciding whether you have 20% equity threshold. 4) Remodel to increase value such as adding a room, kitchen or bathroom upgrades. Then ask the lender to recalculate your Loan-To-Value (LTV) ratio using the new value figure.
If you have a problem with a lender over
PMI cancellation, contact the Federal Trade Commission and Washington
state's attorney general.