Removing PMI from primary loan
Hello all,
I recently had an appraisal done on my primary residence for a HELOC. The appraisal came in a $305,000. The outstanding balance on my original loan is $227,365.47. The difference being now $77,634.53 And I recieved a heloc in the amount of $43000. Now that the ratio of the value of my home to the outstanding balance is greater than 25% ($77,634.53 / $305,000= 0.254) would I now be able to remove the PMI from my original mortgage? How would I go about this and who would I need to talk to?
Thank you,
Jared