Quote:
Originally Posted by infinitekidM2C
I think you're locked in for a while on the PMI issue, not just until the PMI threshold is met. Maybe i'm wrong but check on that.
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Depends on the loan but usually it goes away automatically when you get to around 78% or 80% LTV either through scheduled payments or paydown, or you can usually get an appraisal to get rid of it if value increases. We bought a vacation condo last year with 15% down because the rate was lower than if we put 20%+ down (due to small loan size I was told). But I had $50/mo. PMI for the first time ever. I planned to wait 6 mos. (minimum window) and paydown the balance to get rid of PMI. Then COVID came and I decided I wanted to hold as much cash as possible as a precaution. Pricing was pre-construction from 2018 in a market where prices have been on the rise. Paid $325 for an appraisal earlier this month and now PMI is gone.
Edit: above is for conventional loan as pointed out in post below.