Quote:
Originally Posted by Chuck1674
Mortgage with Citizens.. Seven months ago,I put down 10%. Now looking to get rid of PMI. Have realized some appreciation. Will I need to come up with the additional 10%. OR will I definitely need a new appraisal to show appreciation. Hoping they will work with me. Any advice before I call them this week. Thanks
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The bank won't take your word for it that your property has appreciated in value. You will need to get appraisals and submit the request to the bank. There will be cost involved. Hard to say what you're paying monthly in PMI but you may have costs $400+ and unless you've got a million dollar home, that's probably 3-6 months of PMI payments.
If you can pay the loan down to 80% that's the easiest way to eliminate PMI.