Davriellelouna@lemmy.world to News@lemmy.world · 8 days agoWhy is the number of first-time US homebuyers at a generational low?www.theguardian.comexternal-linkmessage-square99fedilinkarrow-up1239arrow-down14
arrow-up1235arrow-down1external-linkWhy is the number of first-time US homebuyers at a generational low?www.theguardian.comDavriellelouna@lemmy.world to News@lemmy.world · 8 days agomessage-square99fedilink
minus-squareJordanZ@lemmy.worldlinkfedilinkarrow-up6·edit-28 days agoJust FYI there are stipulations to removing PMI from a mortgage but refinancing usually isn’t one of them. Each situation is unique though. FHA and VA loans are different, etc.
minus-squareLilB0kChoy@midwest.sociallinkfedilinkarrow-up6·edit-28 days agoYou are incorrect. As the house value increases with the market you can refinance to a new lender with greater equity eliminating the need for PMI. You can wait for PMI to cancel automatically, request early cancellation, get a reappraisal or refinance the mortgage to get rid of it.
Just FYI there are stipulations to removing PMI from a mortgage but refinancing usually isn’t one of them. Each situation is unique though. FHA and VA loans are different, etc.
You are incorrect.
As the house value increases with the market you can refinance to a new lender with greater equity eliminating the need for PMI.
You can wait for PMI to cancel automatically, request early cancellation, get a reappraisal or refinance the mortgage to get rid of it.