Where to ask if my house is appreciated enough to exit PMI?

[Minsu Kim]

Hi my house has been appreciated significqntly according to the Zillow.com.

Obviously it could be inaccurate but I'd like to try if I it appreciates more.

The question is who should I ask to get rid of PMI and how much do I need to pay during the process.

Please share your experience with me.

Thanks,

[Tsipora Smith]

If you have an FHA loan you can never exit PMI. If you're conventional I'd talk with a real estate agent and have them run comps on your property. If you hit that 80% mark per their comps, then I'd talk to a mortgage broker about refinancing. Message me if you need more help.

[David M.]

@Minsu Kim

Yes, as mentioned if you have a gov't loan the MI doesn't come off. 

For a conventional loan with PMI, it would be great if you can find a real estate agent who would be willing to do a comp analysis for you. Some might be unwilling to do it since there is nothing in it for them. Otherwise, you would need to look for yourself. Take a look at the sales in your local neighborhood of comparable properties. are the values high enough? If you think so, talk to your lender / servicer. I forget if you are allowed to order your own appraisal or if the servicer has to order the appraisal. Then, get the appraisal (which you will have to pay for either way).

Make sense?  Good luck.

[Wayne Brooks]

Your Lender is who you ask, they are the Only ones that do a valuation that Matters.  Assuming this is a conventional (Fannie Mae or Freddie Mac, not fha)...for the first five years you have to achieve 25% equity, after 5 years 80%.  I think there is a minimum 2 years.