I only put about 18% down when I bought my house last year so have to pay PMI.
illustrative numbers:
Sale price: $250,000
Appraised value at time of sale: $255,000
Current balance: 204,100.
With my next payment the balance will be below 80% of the appraised value but still above 80% of the sale price.
Will my mortgage holder, Chase, use the appraised value of the sale price to determine my LTV for the purpose of removing PMI or the sale price? I have found conflicting information and no one at Chase seems to be able to understand my question well enough to give me a definitive answer. They just want to send me the forms so I can request the removal. I sent an email to their customer service but no response yet.
illustrative numbers:
Sale price: $250,000
Appraised value at time of sale: $255,000
Current balance: 204,100.
With my next payment the balance will be below 80% of the appraised value but still above 80% of the sale price.
Will my mortgage holder, Chase, use the appraised value of the sale price to determine my LTV for the purpose of removing PMI or the sale price? I have found conflicting information and no one at Chase seems to be able to understand my question well enough to give me a definitive answer. They just want to send me the forms so I can request the removal. I sent an email to their customer service but no response yet.
Question about PMI