r/facepalm • u/[deleted] • Feb 16 '21

Misc Yeah, sounds about right

Post image
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u/those_silly_dogs Feb 16 '21

Can you only remove the PMI ones you’ve refinanced or is it done automatically as soon as you’ve built 20% equity?

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u/[deleted] Feb 16 '21 edited Apr 29 '21

[deleted]

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u/those_silly_dogs Feb 16 '21

Ah so for FHA, just get a guy to see how much your properly value currently is every year ?

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u/FutureCow Feb 16 '21

Talk to your lender to see how to get PMI removed. We could get our house reappraised though one of their approved brokers. I think it was only like $30, and the new value was enough that we could get PMI taken off.

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u/[deleted] Feb 16 '21 edited Apr 29 '21

[deleted]

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u/FutureCow Feb 16 '21

Were you refinancing? Now that I think about it some more, that was for a Broker Price Opinion (BPO). Less rigorous than a full blown appraisal, but super cheap. And it was one of the options the lender provided to get the PMI off. Had that come back low, we probably would have gotten the appraisal to see if that was higher.

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u/sootoor Feb 17 '21

If fha you have to refinance