Interrupter CheckmarkInterrupter IconFacebookGoogle PlusInstagramGroupRamsey SolutionsTwitterYouTubeExpand MenuStoreCloseSearchExpand MenuBackStoreSign in

Ask Dave

PMI Dropped?

How can you get rid of PMI?

QUESTION: A listener is paying PMI on a mortgage of $155,000.  If his home appraises for $195,000 can he get the PMI dropped?

ANSWER: You have to have an 80% loan-to-value ratio to avoid PMI.  In your situation, the ratio is 79%, so you could drop the PMI.  However, the appraisal will have to be from a company your bank approves.  It is worth it for you to get the appraisal because of the money you will save after the PMI is dropped.
Thank you! Your guide is on its way!

Want to Buy a House With Confidence?

Want to Buy a House With Confidence and Peace of Mind?
 

Want to Buy a House With Confidence and Peace of Mind?