Posted by VlaDE on June 21, 2004 at 13:15:40:
Differs with lender. Countrywide, for example, requires 2+ yrs of on time payments plus a 75% or less current LTV.
Call the lender and ask.
-Vlad
Re-appraisal to eliminate PMI, get more equity - Posted by Brian
Posted by Brian on June 21, 2004 at 12:54:13:
Hello. I own a rental condo that I bought in November from an estate. Got a great deal on a 2bd/2bath for 97K.
At the time, it was appraised for 102,500 which I thought was low at the time, but I discounted it since I was told that appraisers don’t like to appraise properties at a substantially higher price than the sell price.
Now I see a condo across the parking lot from mine has been sold for 150K (was listed at 160)!!! It has one more bedroom than mine and a larger deck, but that’s about it.
I don’t think I should have to be paying PMI anymore for this. I owe 90K. If I could get an appraisal at 113K, I would have 20% equity. Plus, more $$$ to leverage on other deals.
Is it really as simple as paying for an appraisal and presenting the results to my lender (citimortgage)?
Re: Re-appraisal to eliminate PMI, get more equity - Posted by wes
Posted by wes on June 21, 2004 at 15:49:33:
As has been pointed out, you will not know unless you call your lender and ask.
However, I believe the “general” rule will be, you have to own the property for at least 12 months.
Re: Re-appraisal to eliminate PMI, get more equity - Posted by NM Reagan
Posted by NM Reagan on June 21, 2004 at 13:05:52:
From what I have been told, you have to own the property for one year before you can have the PMI removed via an appraisal.