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Updated almost 9 years ago on . Most recent reply

User Stats

15
Posts
4
Votes
Jared Standiford
  • Lompoc, CA
4
Votes |
15
Posts

Removing PMI from primary loan

Jared Standiford
  • Lompoc, CA
Posted

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 

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