Question

Can I Get the MMI Removed Using 2018 County Assessor Valuation of Property at more than 20% of Balance ?

Answer 1

No. The only way the value is valid on your home is by notifying your mortgage servicer and they will tell you the appropriate steps. A new appraisal will be ordered if you are counting on market valuation. Or an appraisal may not be required if you plan on paying down the mortgage loan balance to 78% from the original loan balance. Here is an article I posted about getting rid of private mortgage insurance that may help you: https://gustancho.com/how-to-cancel-pmi

Answer 2

Hi Kenneth,

The short answer is no.

Your original loan terms should state how the mortgage insurance removed.  

Typically, it is when you pay the original loan balance down to 78% of the original purchase price.  Some loans allow for an appraiser to determine if the threshold is met. But before you start preparing for an appraisal, ask the lender whether this tactic will work to get rid of the mortgage insurance on your loan.

You can read more about cancelling mortgage insurance on the Gustan Cho Team website here: https://gustancho.com/how-to-cancel-pmi

~Quiana Williams
Quiana@USA-Mortgage.com
PH: (760)440-8844
Download the mobile app to get started today: Http://mtgpro.co/QTERA