Ok, I would love to get out of paying my mortgage insurance. I see here recently that APRs have started to get lower. The question that I have is say I bought/ financed my house for $80k with no money down, and I get it appraised for $100k. Of course this meant it appreciated in value over the years. Would this extra equity in my house opt me out of the mortgage insurance if I did a refinance on my property since I now have at least 20% equity in the house?
Can I get out of paying my mortgage insurance if my home appraises for more than 20% of the amount I owe?
14
Apr
4 Comments
Posted in Uncategorized
Tags: amount, appraises, Home, Insurance, More, Mortgage, Paying, Than
alterfemego
April 14, 2010 at 9:08 pm
Maybe. If your market shows an increase, versus a decline like most markets. If not, then you will need to continue paying until you of course pay it down below 20% of original mortgage or can appraise it for more.
mister ed
April 14, 2010 at 10:07 pm
i doubt it with the climate of today’s market!!!
David Beasley
April 14, 2010 at 10:15 pm
YES!
Talk to your mortgage servicer (the co. that sends you the mortgage statement) about their proceedure to cancel MI. You will need an appraisal from their list of approved names and you WILL have to pay the ~$350 fee at the door.
Best of luck!
Jeromy W
April 14, 2010 at 10:19 pm
You are correct, but the issue becomes do you have the equity that you speak of. Don’t go by tax assessed values or zillow.net. Get a full or urar appraisal completed yourself or speak with your current mortgage servicer about getting an appraisal completed. The drawback is if you don’t have the 20%, you will have spent $350 for nothing, good luck