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!
December 18th, 2020 at 04:54 pm 1608310446
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