Conshohocken, PA · Member since 2015 · 3 posts · 0 votes
I have a rental property whose loan I just saw is down to 79.7% LTV. Should I request that the mortgage insurance (MI) be removed? What is the typical process for removing MI from a loan? Will the mortgage company have to do an appraisal to assess the current value, or will they just remove it based off what they have listed as the current LTV?
Allentown, PA · Member since 2014 · 264 posts · 120 votes
9y
You absolutely should ask to have it removed, if it is part of your loan docs that it can be removed at the 80% level (now is a good time to look for those old loan docs)
They should not need an appraisal or anything but your written request, unless your loan docs say different.