Hi all. So I was just getting my jollies by reviewing my escrow statements today, and I noticed I'm being charged each month for PMI, even though I put 20% down. I understand you can write to your lender and request they take it off once you reach 80% equity, and I'm going to do that. I had no idea until now this loan had PMI on it - is it even legal for them to do this when you put 20% down?? I never agreed to this, unless they snuck it into some fine print I signed at closing.
Legal yes, common no. I don't know why you'd have PMI with 20% down, Unless you got an fha loan.....fha has MIP on All loans. If it is an fha, your stuck with it for 11 years, with 20% down.
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