Tip
1: If the property has been
converted into rental use, higher percentages of equity
are required before lenders will waive the insurance.
Tip
2:Call your lender's customer
service department to inquire about procedures for PMI removal.
The formal request will likely have to be in writing, but
calling first might save you some false steps later.
Tip
3: Watch the home sale prices
reported in your local newspaper. Use this information to
get an idea of what your home is worth.
Refinancing
is an option as your new mortgage will be based on a new appraisal,
but your refi closing costs may reduce or even eliminate your
goal of saving money by not paying the PMI.
