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ndblovah
Be happy always
Member since 1/07 1880 total posts
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pmi and zillow
I was told that in order to get rid of PMI I'd have to reappraise or refinance the home. I'd never refinance because our rate is great, but I would reappraise... Now does anyone know how accurate Zillow is for the home value? I was told as soon as my home reached 20% of what we mortgaged then we would be able to reappraise and remove PMI... is anyone familiar? My mortgage guy at Wells didn't answer when I just called....
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Posted 2/22/10 6:41 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
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Re: pmi and zillow
Do not go by Zillow, it's not even close to what banks are appraising homes at these days. I just did a re-fi in Oct and had to go with PMI until the market turns (I am still down 2pts so it was worth it), but on Zillow my house was more then what I paid for it in 07'.
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| Posted 2/22/10 7:33 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: pmi and zillow
I find zillow and property shark way off, when I compare to actual sales on MLS. good expample, it lists the house worth over 100K more then I am purchasing it for. we just had an apprisal done last week, I don't know what they apprisaed it at yet, but I'm pretty sure it will be around what we are buying it for.
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| Posted 2/22/10 7:51 PM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: pmi and zillow
If you pay it down to 20% based on the original loan to value ratio, you can get it removed without getting it reappraised.
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| Posted 2/22/10 8:18 PM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: pmi and zillow
Ok thanks ladies. I was curious to see what it was all about... thanks =)
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| Posted 2/22/10 8:18 PM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: pmi and zillow
Posted by Salason
If you pay it down to 20% based on the original loan to value ratio, you can get it removed without getting it reappraised.
Yep I saw this too. Not even close, we've only owned for a lil short of a year.Does PMI go away w in a certain time frame? I feel like it was three years?
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| Posted 2/22/10 8:27 PM |
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Goobster
:)
Member since 5/07 27557 total posts
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:)
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Re: pmi and zillow
zillow is far from accurate
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| Posted 2/22/10 8:31 PM |
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Goobster
:)
Member since 5/07 27557 total posts
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:)
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Re: pmi and zillow
Posted by HeatherRose
I find zillow and property shark way off, when I compare to actual sales on MLS. good expample, it lists the house worth over 100K more then I am purchasing it for. we just had an apprisal done last week, I don't know what they apprisaed it at yet, but I'm pretty sure it will be around what we are buying it for.
See for me, my house is valued at MUCH less than it will sell for.
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| Posted 2/22/10 8:32 PM |
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NewYawkah
2012--A year of new beginnings
Member since 5/05 4402 total posts
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Re: pmi and zillow
Posted by Salason
If you pay it down to 20% based on the original loan to value ratio, you can get it removed without getting it reappraised.
I was told that the banks are supposed to automatically take off the PMI once you reach 78%. However, when I called my mortgage company they said I still had to get it appraised because according to my original amortization schedule, I should reach 78% in 2013...
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| Posted 2/22/10 8:34 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: pmi and zillow
Posted by Goobster
Posted by HeatherRose
I find zillow and property shark way off, when I compare to actual sales on MLS. good expample, it lists the house worth over 100K more then I am purchasing it for. we just had an apprisal done last week, I don't know what they apprisaed it at yet, but I'm pretty sure it will be around what we are buying it for.
See for me, my house is valued at MUCH less than it will sell for.
that's why I think it's not accurate. I find mine more, you find your less. I don't understand where they get their numbers from. and yet they have all the right sale prices on recently sold homes 
Maybe its more of a science or prediction and not so much of comparsion to comps
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| Posted 2/22/10 8:54 PM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: pmi and zillow
Posted by NewYawkah
Posted by Salason
If you pay it down to 20% based on the original loan to value ratio, you can get it removed without getting it reappraised.
I was told that the banks are supposed to automatically take off the PMI once you reach 78%. However, when I called my mortgage company they said I still had to get it appraised because according to my original amortization schedule, I should reach 78% in 2013...
That is correct. So you can opt to get it reappraised and if it appraises for a higher value before 2013 and it brings your LTV ratio down to 80%, you can have it removed, otherwise you have to wait until you pay it down to 80% (but if you make additional principal payments that could happen before 2013). You can call when it reaches 80% and they'll take it off (at 78% they must do this automatically). These are requirements set forth in the homeowners protection act of 1998.
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| Posted 2/22/10 9:02 PM |
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