Quote:
Originally Posted by cosmo20002
You don't need to refinance to drop the PMI. Once you have 20% equity, you can tell them to stop PMI and they have to stop.
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I bought the home a lot less then what it was worth. They originally go by the sell price of your home with PMI so I didn't meet the 20% equity on my down payment. However, If I refinanced my home now after repairs and the new appraisal the loan will easily be less than 80% of the new appraisal. So I should be able to drop the PMI. I know the red tape on this shit is ridiculous.
