Home > PMI Frustrations

PMI Frustrations

December 18th, 2020 at 04:27 pm

I had requested early this month to drop the PMI since I now have 22% equity in the house. It's not a lot of money, but I was excited about this milestone and putting $40 extra each month towards the principal balance. I heard back from my Credit Union mortgage person. The CU is still the servicer of the loan although some other company purchased my mortgage a few months ago. 

She told me that she is going to let the company holding my mortgage know to see if this is possible. I asked her why it would not be possible since I am now at a point where they legally have to drop the PMI. She said that sometimes PMI can't be dropped until it has been a year since the loan has been taken out. She is going to find out for me if this applies to my loan. I had refinanced in June, and if this is the case, I would have to wait till June of next year to drop the PMI. I was pissed. No one told me about this when I refinanced. It may have been in the fine print, but I did not read that - and that is on me. I am cheesed off nevertheless!

3 Responses to “PMI Frustrations”

  1. terri77 Says:

    That is frustrating! I hope that things can be worked out. Did they sell your mortgage & not notify you? It would bother me if my loan was sold to another company without letting me know.

  2. Wink Says:

    I would be steamed too. I hope they will work with you on this.

  3. rob62521 Says:

    That would be frustrating! I know when we bought our first house, they tried to do the insurance on us and I pointed out we put down 20% and that was all we needed to do to not have to pay the PMI. They wanted me to prove I had homeowner's insurance which I did. Hopefully you can get this worked out.

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