by Vicki from USA
Ask Kate: How Do I Cancel Private Mortgage Insurance? Is PMI based on original loan appraisal value or lower refinanced? I took out a mortgage on the appraised value of my home of $175,000 in 2007.
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Earlier in 2009, I refinanced, but with the declining market, the appraised value was less at 170K. I think I am close to paying down to 20% to get the PMI off my mortgage.
My question is: do I go by the original value of 175 K or the refinanced value of 170 K in order to figure out how low I have to pay down to get rid of the PMI? Thanks! --Vicki
You can also ask Kate about your mortgage at Ask Kate About Buying a House.
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