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Removing the PMI

Mortgage Library: Ask a Mortgage Related Question: Answers: Removing the PMI

Question:

Say someone buys a property in a sheriff sale for $100,000, the buyer is required to place 10% on the sale. PMI is removed after 20% on the house. The appraisal only covers the cost of sale on the house ($100,000).

How soon after the closing can we get a second appraisal?

If the house is worth $150,000 after the second appraisal, does that qualify for removing the PMI?

K. G.
King Of Prussia
Pennsylvania

Answer:

A second appraisal may be done immediately after you purchase your new home. The appraiser must have the necessary E&O insurance and current license. PMI can be removed at that time.

Marc Stengel
Choice 1 Mortgage, Inc.


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