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Reply to "getting rid of PMI...re-appraising after 24 months"
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[quote=Anonymous]My lender permits me to get rid of PMI 24 months after closing if I want to get the house re-appraised to show I have more than 20% equity based on re-appraised value. My PMI isnt' horrible at $112.50 a month but it's money just going out the door. I bought the house very low based on the condition of the house and spent about $150k in renovations so even if I get it re-appraised now I am confident I have more than 20% equity, but stuck with the 24 month requirement. Has anyone been able to remove PMI based on a new appraisal of the property?[/quote]
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