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  1. 03-09-2017, 11:08 #1
    KS63
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    Default Private Morgage Insurance elimination

    Been way too long since we last thought of doing this, and with a probable Interest Rate increase, we need to start the process. Our mortgage is currently with Wells Fargo and I hate dealing with them. Any local businesses that you can recommend? Thanks
    If the Odds are equal, you're doing it wrong

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  2. 03-09-2017, 11:09 #2
    CS1983
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    We are using Northpointe for our upcoming home purchase. I have nothing to compare them to, but the head lender person (Krystal) we have been dealing with has been responsive, even after business hours.
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  3. 03-09-2017, 11:12 #3
    fitterjohn
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    If you have a bank of Colorado near you I have done 2 refinance s with them and won't ever even go through anyone else to get a loan because of the good service I get (my girlfriend writes loans elsewhere for a living so if that's not a good endorsement idk what is)
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  4. 03-09-2017, 12:37 #4
    funkymonkey1111
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    Are you looking to get rid of private mortgage insurance or are you looking to refi your house?
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  5. 03-09-2017, 12:59 #5
    KS63
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    Quote Originally Posted by funkymonkey1111 View Post
    Are you looking to get rid of private mortgage insurance or are you looking to refi your house?
    Rid of PMI
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  6. 03-09-2017, 13:17 #6
    Circuits
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    When I ditched my PMI, I just contacted the mortgage company when I got my equity above 10%, and requested that they discontinue PMI. They did, and that amount dropped out of my monthly payment, and stopped showing up in the escrow account.

    When I refinanced, I was already at like 70% LTV, so no PMI was ever added. I just refinanced what I owed and didn't try to take money out against appreciated value.
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  7. 03-09-2017, 13:29 #7
    funkymonkey1111
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    What circuits said is right. If you're at whatever threshold the mortgagor sets on loan to value, just contact them. If they dispute the appreciation in value, you may need to spring for an appraisal
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  8. 03-09-2017, 13:37 #8
    KS63
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    Ok. I'll call WF and see what they can do.
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  9. 03-09-2017, 14:00 #9
    funkymonkey1111
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    Quote Originally Posted by KS63 View Post
    Ok. I'll call WF and see what they can do.
    Probably a good idea to know your loan to value. I would assume it would make the call go smoother
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  10. 03-09-2017, 14:27 #10
    kwando
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    Call your mortgage company and see if they can remove PMI... WITHOUT a refi.

    Citi mortgage removed my PMI without a refi, i had to order an appraisal with Citi for $475. Process was painless. The number was almost spot on to what zillow had me at.
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