How long until PMI will be removed from my payment?

PMI is required as long as the loan is more than 80% of the property's value. Once the value appreciates you can refinance and remove the PMI.

Here is some info that should help.

Once the loan is for 80% of the value the PMI is removed. Sometimes automatically and sometimes you have to ask. You do not have to re-fi. It just comes off current loan.Re-fi only runs up more closing costs.

Take a look at the packet of documents you got from the Mortgage company, There should be a date that, no matter what, even if the value of your home depreciates, the PMI should fall off. This date reflects the time that your loan will be reduced to 80% of the original value of the loan.

Also, as stated, once your home reaches a value high enough to drop the loan to value to 80% or less, it will fall off.

But PMI has recently been ruled, by Congress, on December 9th of 2006, to be tax deductible, starting January of 2007, if you make less than $100,000 a year. So even while it's extra money out of your pocket, there is a beneficial side to it, rather than having a 2nd mortgage.

If you have any more questions, or would like to discuss some options on how to reduce the principal of your loan more quickly to get the PMI off, email me, or check out our website.

Baconshmals@yahoo.com

http://aapexfund.com/

As soon as you owe 80% of your property value.

Luckily, houses usually go up in value each year, and as you pay, your loan balance goes down. I'd bet it will be gone in 3 or less years-- however, if you're considering equity due to increased value and not just principal pay down, you might have to get a new appraisal to prove that the house is worth more than it was originally.

PMI will be a part of your mortgage payment until

#1 The loan amount on your property is at or below 80%

#2 You refinance into a new loan or mortgage.

Now as far as the mortgage company contacting you or setting up an appriaiser for the home owner, don't hold your breath ( You gonna die)

This is something that you must prove to the mortgage company that is holding your mortgage. Hire an appraiser to appraise your property to see if the value has gone up and your mortgage has reached 80%of the value of your property. If so send the appraisal to the person you mail your monthly payments to.

Now don't be in awe or surprised it you get a reply back saying they disagree with you. These people you are sending your monthly payments to may not even own your mortgage. They are simply servicing it for another company or a group of investors.

So the next time call ask if they own the mortgage or are they the servicer of your loan. If they are simply the servicers, tell them you want to know whjo owns your mortgage so you can write them directly and what is their reference number to the owner.

Once you have sent the owners of your mortgage a copy of the appriasal with proof that the loan is 80% of the property value, wait for their response. If the response is negative, file a small claims against them as well as the servicer. Before filing at small claims court you might give them one additional opportunity to see if they see things your way.

At small claims file for your PMI as well as the cost of the appraisal.

After about 3-4 months of being sued they will get the message. At small claims you will probably win by default because they have to represent themselves and can not hire an attorney to do this. The judge will award you the difference between your mortgage payment and the PMI payment as well as the cost of the appraisal.

Now on appeal they can hire an attorney, but file again the next month, pretty soon they will see they are wasting time and money on these appeals and attorney fees. You really don't need an attorney at the appeal, simply present your case as well as all documents the appraisal, their contract and your monthly payment to the judge. Normally judges are in the consumers
favor because most judges are liberal and are there to protect the consumer from the big powerful corporations. Take your child or grandchild with you. Don't wear a tie or suit.

I hope this has been of some use to you, good luck.

"FIGHT ON"

There are steps you will need to take... it is not automatically removed.

This depends on your lender, you will need to call them, look on your mortgage statement and call the number they provide. CountryWide is usually 5 years (then you have to pay them to obtain a valuation) to have the PMI removed from your payment. Also, if you have not been current on your mortgage, the lender may be less likely to remove the PMI because it protects them and not you in case of default (you quit making your payments).

not until you get an appriasal of the property and show it to the lender with an 80% equity position. some lenders will do there own automated appraisal to confirm the Loan to value is below 80%. Some other lenders have a time limit on the PMI and require it to be in place for say 2 years at least.

I had to refi to get rid of mine. $1340 to $1125.

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