Personal Finance 
3
comments

Reappraise Your Home to Cancel PMI

Email  Print Print  

You may remember last month when I blogged about Steve starting the process of getting his home reappraised and the private mortgage insurance, which ran about $190/mo, cancelled. It turns out the process was pretty painless and this trumps all the other “save some money with a fifteen minute phone call” posts ever because Steve estimates he will save about nearly $8000 over the next three and a half years by not having to pay PMI.

I’m happy to report that I received an approval on the elimination of PMI from my mortgage. The process was virtually effortless and I’m now saving approximately $190 per month by eliminating the PMI. The cost of the application fee will pay for itself in less than two months and I have already received a refund check for one month of overpayment. So, this whole process was well worth the hour or two on the phone, the time spent getting the home appraisal, and the money spent on the application. The whole process took less than 6 weeks to complete. Time to celebrate by putting some money aside for my daughter’s education!

I figure I was about 3.5 years away from being at 80%, so I saved around $7,685, after taking into account the application fee. And taking into account that this was all paid with taxable dollars, it was even more from my gross pay. I should have done this a year
ago!

Steve

So to recap… Steve simply called up his mortgage lender and requested that the home be reappraised, so a loan to value percentage could be recalculated. The mortgage lender agreed and ordered a home appraisal at a cost of around $300 to Steve. The appraisal came back such that his loan to value was under 80%, the mortgage lender churned the paperwork, and his PMI cancellation request was approved. I’d say that was a pretty successful transaction.

{ 3 comments, please add your thoughts now! }

Related Posts


RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

3 Responses to “Reappraise Your Home to Cancel PMI”

  1. SMB says:

    We tried this, only we weren’t approved. It had cost $250 for the home appraisal. I knew it was going to be close, but it seemed worth trying at the time. It’s definitely worth looking into.

  2. jim says:

    Well, it did lower your LTV% so you are closer to 80% than you were before right?

  3. Star Money Articles for the Week of May 15

    Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Five Cent Nickel tells us all about title insurance. Blueprint for Financial Prosperity details how to reappraise your home to cancel PMI. Consumerism Commentar…


Please Leave a Reply
Bargaineering Comment Policy


Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.