Hi

I closed on my home (a condo) 3 moths ago. i'm paying close to 200 a
month PMI insurance. My house was assesd for 225,000 before closing on
it. but i know that other homes in the area are going for more then
double this price.

the mortgage is 95% of the appraised 225,000 its 213,000 and change.
the mortgage is with BNY (bank of new york) and i'm makeing payments to
everhome mortgage (i dont know if thats the same as bny or if bny sold
it to everhome)


Will a new appraisel work to get rid of the PMI?
how should i go about it? should i ask a mortgage broker to do it? or
can i call them directly to order a new appraisel? (my original
mortgage broker is not in this line anymore)



thanks a lot

In article .com,
wrote:

I closed on my home (a condo) 3 moths ago. i'm paying close to 200 a
month PMI insurance. My house was assesd for 225,000 before closing on
it. but i know that other homes in the area are going for more then
double this price.

the mortgage is 95% of the appraised 225,000 its 213,000 and change.
the mortgage is with BNY (bank of new york) and i'm makeing payments to
everhome mortgage (i dont know if thats the same as bny or if bny sold
it to everhome)

Will a new appraisel work to get rid of the PMI?
how should i go about it? should i ask a mortgage broker to do it? or
can i call them directly to order a new appraisel? (my original
mortgage broker is not in this line anymore)

Call your lender and find out the rules. Then double check
the rules because there is law that overrides what lenders
sometimes tell you. In general, when you hit 80% loan to
value, you can ask that PMI be dropped. The bank might ask
for a new appraisal. That is money well spent if you can
get rid of PMI. In some cases, lenders will only accept
the 80% LTV value if you pay down the mortgage. A new
appraisal that shows an increase in value might not do the
trick. It all depends on the lender.

-john-

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John A. Weeks III 952-432-2708
Newave Communications http://www.johnweeks.com
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