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Reply to "Getting Rid of PMI"
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[quote=Anonymous]Hi, We bought our home in September of 2012 with 10% down. Given the pay down of principal and modest appreciation is it possible to petition mortgage company to assess if we are now at 80% LTV to get rid of PMI, or must we refinance to do that? One other caveat is that wife is self employed with an ever expanding and very successful business. However, back in 2012 her business did not have a long enough track record despite being successful so we needed FIL to co-sign our mortgage (interest rate is 3.75%). I now make 60K more per year than in 2012 as well. An added benefit would be to also remove him from the mortgage. He's a great guy but it has always bothered me to have him on the mortgage even though he was more than happy to do it. So to do both (remove PMI and FIL) I'm guessing a refi is required? Thanks.[/quote]
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