I refied a few years back. The appraisal came in low and our ltv was around 88%. Weve been paying pmi ever since
I was told by my mortgage broker that when we hit 78% ltv pmi would automatically drop.
I've been paying an extra few hundred on each payment to speed up that process. Well we're now at 78% ltv, and I inquired about getting it removed.
The banks response was,
"Automatic lender termination date with respect to your loan disclosed on your loan document is 12/01/2019. This is when the 78% ltv is “scheduled “ based on amortization at time of funding.
Anytime, prior to this timeframe, an appraisal is required to verify value. "
Isn't this some crap. First, an appraisal is $6





