I have read that a lender must automatically remove PMI once your LTV is 78% of the original amount financed. I have a single loan, and I bought the property well below market value. Since my loan is not 2 years old the lender will not remove PMI with a simple apprasial. Is the lender required to remove PMI if I use a 2nd on the property to pay down on the first to get below the 78%.
To add a little more detail. I bought this house prior to selling my old one. Now that my old one is sold I find I am a few percentage points away from achieving the 78%
I’m not so sure the bank has a real say once I get to 78% from the original finance amount. The Homeowners protection act(1998) seems to indicate that they have to remove it by law.
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We will be signing for our first home next week. The mortgage lender owned the house and he is for our first year, financing us himself, because of our credit points. The second year, we are going to in house finance. Would we still qualify for the first time home buyer tax credit even though we have a different loan situation?
Wanting to add, I already HAVE a lender, thank you, don’t SPAM my question.
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