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How to Get Rid Of PMI [Private Mortgage Insurance] 

Tiffany Thomas, Your Wealth Mentor
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How to Get Rid Of PMI [Private Mortgage Insurance]
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Wondering how to get rid of PMI (private mortgage insurance)? I just found a new way to get rid of PMI that I am so excited to share. It's not the typical way of getting rid of PMI so definitely watch the video all the way to end to see how I got rid of my private mortgage insurance early! Enjoy!
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Get your financial freedom and wealth building strategies with me, Tiffany Thomas, your wealth mentor (aka Wealthy Tiffany). I talk about how I became a millionaire so you can know how to become a millionaire and know you will be financially free. I'll show you how stock market investing can be made easy and I'll help with real estate investing for beginners. I'm also part of the FIRE movement, Financial Independence Retire Early, community. FIRE movement retirement is possible. We can learn 'what is financial freedom' and create our own financial freedom network. There's a FIRE movement calculator you can use on networthify.com. If you want 'real estate investing: how to start' or 'real estate investing 101' then this channel is for you. One tool that has helped me become financially free is a free app and I have a video about it, "Personal Capital Review.' Let's all achieve financial freedom together!
DISCLAIMER: Content is for informational purposes only and should not be considered personal financial advice. This video and description may contain affiliate links. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. • How to Get Rid Of PMI ...
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7 июл 2024

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Комментарии : 302   
@WealthyTiffany
@WealthyTiffany 4 года назад
Comment below 'freedom' if you're ready for financial freedom! And get my #1 Recommendation to achieve financial freedom, CLICK HERE ➜ ➜ ➜ bit.ly/2zs0LLc
@senornolan
@senornolan 3 года назад
Thank you Tiffany I watched your video, got bpo done a week ago and 7 days later our pmi is gone. Your advice is gold!
@WealthyTiffany
@WealthyTiffany 3 года назад
Yea!!! I’m so glad Senor Nolan! You’re welcome 😄
@acemany1126
@acemany1126 Год назад
Yahhh Senor Ding Ding?! No more P My I
@cesarzuluaga3686
@cesarzuluaga3686 3 года назад
Thank you so much Tiffany for putting this up there. I’ll definitely try the BPO to get rib of PMI in our mortgage. You are awesome!
@WealthyTiffany
@WealthyTiffany 3 года назад
Sweet!! You’re welcome Cesar!
@jhall1537
@jhall1537 3 года назад
WOW! Thank you so much for sharing this! I'm a first time homeowner and had been doing major research on how to get rid of the PMI. This BPO idea is FANTASTIC! Dropping PMI is going to save me thousands annually! Definitely going to consider this. Thanks again!!
@WealthyTiffany
@WealthyTiffany 3 года назад
You’re so welcome J Hall!!
@jhall1537
@jhall1537 3 года назад
@@WealthyTiffany :)
@PassiveIncomeTom
@PassiveIncomeTom 4 года назад
*I agree, get rid of PMI as soon as you can.* 👍
@WealthyTiffany
@WealthyTiffany 4 года назад
Right?! 😊
@erik472
@erik472 3 года назад
Starting my mortgage pay off journey in October. I did put 15% down so the goal is to eliminate the PMI asap. Thanks for the information!!
@WealthyTiffany
@WealthyTiffany 3 года назад
Great goal Erik! You’re welcome!!
@GigiGaskaite
@GigiGaskaite 3 года назад
*SO ESSENTIAL TO KNOW TO EVERYONE! GREAT VIDEO!*
@WealthyTiffany
@WealthyTiffany 3 года назад
Thank you Gigi!
@runrunshaw218
@runrunshaw218 3 года назад
Keep helping us make that money Tiffany!
@WealthyTiffany
@WealthyTiffany 3 года назад
Will do Christopher! :)
@fida7051
@fida7051 4 года назад
Thank you so much for the great examples I though I have to pay PMI for ever, I didn’t know I can get rid of it when I am on 80 percent LTV .... you saved my life... I just found out that I am already on 77 percent and the lender never let me know...
@WealthyTiffany
@WealthyTiffany 4 года назад
You're so welcome, I'm glad I could help Team Elite! 😃
@caruchiescooking6345
@caruchiescooking6345 2 года назад
Did you need to Refinance?
@myfinanciallyfreelife5429
@myfinanciallyfreelife5429 4 года назад
Tiffany, this video was so helpful. I really appreciate you taking the time to explain this. I was wondering if I had to pay the pmi forever, because I'm paying a lot.. Thank you!!!
@WealthyTiffany
@WealthyTiffany 4 года назад
So glad it was helpful JoJo 03! You're welcome!
@MaryMary-fx7oj
@MaryMary-fx7oj Год назад
Loved loved loved this video! Very interesting, easy to follow and stayed on topic! Ty for information
@WealthyTiffany
@WealthyTiffany Год назад
I'm so glad Mary!
@brianspecht8027
@brianspecht8027 2 года назад
So I just did this same thing before watching your video and can absolutely attest that it truly is this easy!! The BPO got me out of 104 a month of mortgage insurance that I was projected to be paying for the next 7 YEARS before it would’ve fallen off on its own!! You should def ask your lender about this.
@WealthyTiffany
@WealthyTiffany 2 года назад
Yea!! That’s so awesome Brian!
@EnchantedAnn
@EnchantedAnn Год назад
Exactly the tip I needed today👌🏿thank you
@WealthyTiffany
@WealthyTiffany Год назад
Yea!! You’re welcome ☺️
@steelson6137
@steelson6137 3 года назад
Awesome explantions thank you!!
@WealthyTiffany
@WealthyTiffany 3 года назад
Glad it was helpful!
@VA_loans
@VA_loans 3 года назад
Great tip. I just assumed you had to get a full appraisal. Good to know that a BPO may be an option instead! Thank you!
@WealthyTiffany
@WealthyTiffany 3 года назад
Happy to help, you’re welcome Ray!
@tedoakley5600
@tedoakley5600 3 года назад
I just recently stumbled on your channel and I dig it! Lots of good info on here, I'm also super impressed with your drive and discipline. I'll definitiely be subscribing=)
@WealthyTiffany
@WealthyTiffany 3 года назад
I'm so glad, welcome to the channel Ted! :)
@tedoakley5600
@tedoakley5600 3 года назад
@@WealthyTiffany Thank you!!! I'm looking to do things similar to how you did them regarding real estate..the problem is I live in Massachusetts and its absurdly expensive lol so I'm gonna have to get creative.
@WealthyTiffany
@WealthyTiffany 3 года назад
@@tedoakley5600 You're welcome! You can totally get creative on how it can be done (I even have a friend that lives here in Utah, but he invests out of state and has done really well with it)!
@tedoakley5600
@tedoakley5600 3 года назад
@@WealthyTiffany hmmm i might have to look at out of state...maybe NH
@ashishgairola8990
@ashishgairola8990 2 года назад
Very helpful information! Thank you!
@WealthyTiffany
@WealthyTiffany 2 года назад
You’re welcome!
@krique_o.0
@krique_o.0 3 года назад
Awesome. Very informative.
@WealthyTiffany
@WealthyTiffany 3 года назад
Thank you Krico_Adventures Kevin E. Smith. Glad it was informative! :)
@MrPdiddy08
@MrPdiddy08 3 года назад
Great video, thank you very much. I plan to call my lender on Friday.
@WealthyTiffany
@WealthyTiffany 3 года назад
Glad it was helpful! You're welcome!
@reynaldohernandez7806
@reynaldohernandez7806 3 года назад
Very helpful information! Information that realtors or lenders wouldn’t want you to know lol thanks for making this video if it’s wasn’t for your video refinancing would’ve been my only option thank you
@WealthyTiffany
@WealthyTiffany 3 года назад
Haha, that’s true. You’re so welcome Reynaldo!
@brendareyes1871
@brendareyes1871 3 года назад
Heel, thank you for the information. Do you know if they check your credit with the last two options?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi BB Rey, they do not check your credit score.
@torres8065
@torres8065 2 года назад
this info is great..thank you
@WealthyTiffany
@WealthyTiffany 2 года назад
You’re welcome!
@sonnco
@sonnco 8 месяцев назад
Great tip. Thanks!
@WealthyTiffany
@WealthyTiffany 8 месяцев назад
Welcome!
@bobbyandthomas
@bobbyandthomas Год назад
very informative, thank you
@WealthyTiffany
@WealthyTiffany Год назад
You’re welcome Bobby!
@Sergio-gm4gv
@Sergio-gm4gv Год назад
Thanks for putting this video together for others.
@WealthyTiffany
@WealthyTiffany Год назад
You’re welcome!
@Rebecca-vd3il
@Rebecca-vd3il Год назад
thanks. I should know earlier.
@eb7614
@eb7614 3 года назад
Thank you for this information. Very helpful. I put down a lot less than 15% and only been here for almost 3 years. Non FHA loan. I’ll connect with my lender if BPO applies to me. Zillow showing the value of my home has increased by 35k bought it for 139k
@WealthyTiffany
@WealthyTiffany 3 года назад
You’re welcome Ivee, glad it was helpful! 😁
@esmeraldatejeda3456
@esmeraldatejeda3456 3 года назад
Hi Tiffany, do you think using equity from first house to buy second property is a good idea?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi Esmeralda, I think it can be as long as you don’t get overleveraged if you continue to do it over and over. :)
@HairForceOneTre45on
@HairForceOneTre45on 3 года назад
Thank you!
@WealthyTiffany
@WealthyTiffany 3 года назад
You're welcome!
@elnawilliamson7276
@elnawilliamson7276 2 года назад
Wow thank you I’m into that situation
@WealthyTiffany
@WealthyTiffany 2 года назад
You’re welcome!
@marlonk1976
@marlonk1976 2 года назад
Very helpful
@WealthyTiffany
@WealthyTiffany 2 года назад
I’m so glad!
@averagemama9952
@averagemama9952 3 года назад
Thanks for the info! I recieved a letter in the mail from the bank I have my mortgage through. It stated I could remove my MIP early if I met 3 requirements ( one was 78% ratio). I had no idea what they were talking about as im a first time buyer. Didnt know what MIP was lol. But in 2 months ill be at that percent and met all 3 requirements and im going to call them!
@WealthyTiffany
@WealthyTiffany 3 года назад
So great, Average Mama!! Definitely give them a call in 2 months! :)
@mega8664
@mega8664 2 года назад
big help Thanks
@WealthyTiffany
@WealthyTiffany 2 года назад
I’m so glad!
@paparob12712
@paparob12712 3 года назад
Very informative. How much % did your property increase before PMI was removed?
@WealthyTiffany
@WealthyTiffany 3 года назад
It was about 38%, the Utah real estate market jumped way up very quickly.
@brandon7157
@brandon7157 2 года назад
We purchased our property when pandemic started. Now our property is close to 200 k in equity.. literally in just 2 years!!! I'm looking already into dropping that pmi!!!😊
@WealthyTiffany
@WealthyTiffany 2 года назад
So great!! 😊
@JoshuaMackos
@JoshuaMackos 4 года назад
Is there any reason why you'd choose an appraisal over a BPO?
@WealthyTiffany
@WealthyTiffany 4 года назад
Great question Joshua Mackos! There are some circumstances where you're not allowed to use a BPO so you'd have to use an appraisal instead. An appraisal is a more detailed, thorough analysis of the property, so if you wanted more details then you could select an appraisal, but honestly, if whatever you're doing allows for a BPO, I'd say use a BPO because it's much less expensive. 😊
@rxg6948
@rxg6948 Год назад
Thank you so much for this information. I called PNC and they said to try the BPO method.
@WealthyTiffany
@WealthyTiffany Год назад
🙌🙌
@georgewwah4398
@georgewwah4398 3 года назад
Hi Tiffany I am from Salt Lake. I called my lander, The Money Source, and asked about the BPO and I was transferred to one of their landing partner where I was told my FHA PMI will be taken if I pay $3,570 for the appraisal. Then my loan status will be changed from FHA to Conventional. They dont do the BPO thing so any suggestion please!
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi George, love to see another Salt Laker! I think it is trickier with FHA loans, sorry about that! 😕
@hopsinthehouse
@hopsinthehouse 4 года назад
Get it out!!
@danp.4707
@danp.4707 2 года назад
Great video. I bought my home for 297k and currently owe $266k after closing. It appraised 5 months ago for $340k. That puts me below 80% LTV. With the current market, I should be able to get rid of my PMI using a BPO. Wish me luck.
@WealthyTiffany
@WealthyTiffany 2 года назад
Good luck!! 🤞🤞
@MrEfmad19
@MrEfmad19 3 года назад
I bought a house with a good interest rate but I went FHA, my question is to get rid of pmi do I have to refinance? If so I would probably lose the good interest rate right?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi MrEfmad19, you would have to refinance and use whatever the going interest rate is.
@j-profit3801
@j-profit3801 2 года назад
Thank you, I was considering paying over $50,000 to bring my loan to value down to 80%
@WealthyTiffany
@WealthyTiffany 2 года назад
You’re welcome!
@mitchmangoba
@mitchmangoba Год назад
Freedom! 🙌🏾
@WealthyTiffany
@WealthyTiffany Год назад
🎉🎉
@freddymembreno655
@freddymembreno655 2 года назад
Hi Tiffany, what type of loan do you have, does that qualify for FHA?
@WealthyTiffany
@WealthyTiffany 2 года назад
It’s a 30 year conventional, it most likely won’t work for an FHA, unfortunately. 😔
@AZ-vh7xf
@AZ-vh7xf 3 года назад
Is this the case for all loans including FHA where borrowers put less than 20% down ? We were told our pmi is for the life of the loan regardless and will only be removed once the loan is paid off or refinanced.
@WealthyTiffany
@WealthyTiffany 3 года назад
It’s not for FHA loans, unfortunately. :/
@SolidSnake-bt8eq
@SolidSnake-bt8eq 5 месяцев назад
This is so helpful, thank you ! However would this affect my taxes ? Since its being appraised at a higher value
@WealthyTiffany
@WealthyTiffany 5 месяцев назад
You’re welcome. No, it won’t increase your property taxes. Property taxes are based on assessments, not appraisals or BPOs. :)
@SolidSnake-bt8eq
@SolidSnake-bt8eq 5 месяцев назад
@@WealthyTiffany thank you 🙏
@farwoodfiberarts
@farwoodfiberarts 3 года назад
What if your lender will not let you choose your own appraiser? They keep telling me no even though my home is at 80% or less. What are my options then?
@WealthyTiffany
@WealthyTiffany 3 года назад
They usually don’t let you choose your own appraiser, unfortunately. You could refinance with a different lender.
@sealy81
@sealy81 3 года назад
Is it a process that is up to the lender or is this something that is built into FHA Loans?
@WealthyTiffany
@WealthyTiffany 3 года назад
It’s not for FHA, unfortunately, and it does depend on the lender.
@joelchevalier448
@joelchevalier448 2 года назад
March 2022 will Mark 2 years since I purchased my home.. I called my lender a few months ago to have PMI removed, but they said since I haven't been in the home for at least 2 years I would have to show substantial improvements in order to get PMI removed regardless of whether or not I have 20% plus equity. I also live here in Utah and I for sure have 20% plus equity. Is there a way to get around the substantial improvements with a BPO?
@WealthyTiffany
@WealthyTiffany 2 года назад
That’s lame they said that. I would keep trying and try to talk to someone different. In the end, they are the lender and have their rules, but I feel like you should be able to get one whether or not you made substantial improvements.
@joelchevalier448
@joelchevalier448 2 года назад
@@WealthyTiffany Thanks for the quick response. I'll give that a shot
@vatsalsoni9254
@vatsalsoni9254 3 года назад
Quick question on home appraisal, in order to get rid of PMI, does it affect my tax bill for the next cycle? Or it will not get affected at all with the latest appraisal value?
@WealthyTiffany
@WealthyTiffany 3 года назад
Good question, it won't affect your taxes!
@vatsalsoni9254
@vatsalsoni9254 3 года назад
Thanks for confirming.
@WealthyTiffany
@WealthyTiffany 3 года назад
@@vatsalsoni9254 You're welcome. :)
@dianagonzales5113
@dianagonzales5113 8 месяцев назад
Hello Tiffany great information I wanted to ask because I’m trying to get mine removed, Credit union said my loan is a Fannie Mae loan and they follow Fannie Mae requirements and I would have to have made substantial improvements But I know we are at least 20% equity due to the market values going up. What should I do? Thanks in advance if you do reply. 😊
@WealthyTiffany
@WealthyTiffany 8 месяцев назад
If your loan allows for removal of PMI, I would definitely try to get it removed.
@bmendez84
@bmendez84 3 года назад
Does this apply to FHA or Conventional loans?
@WealthyTiffany
@WealthyTiffany 3 года назад
Good question Brian! It applies to conventional loans. :)
@bejazzzled3478
@bejazzzled3478 2 года назад
I was told to wait for at least 2 years since I bought my home? Is that correct? I know that my LTV is below 75%.
@WealthyTiffany
@WealthyTiffany 2 года назад
Some loans will have a 'seasoning period' that requires you to wait two years, so double check your loan contract and see if that's in there or not. :)
@barbaracarbone4658
@barbaracarbone4658 Год назад
This sounds great. Does this work for an FHA loan, too? Thanks.
@WealthyTiffany
@WealthyTiffany Год назад
Not usually, but you can always double check with your lender, in case…
@marial5198
@marial5198 2 года назад
Thank you so much for this video. What happens to all the PMI we pay every month? Does it revert to the amount we owe on the house? thanks again.
@WealthyTiffany
@WealthyTiffany 2 года назад
You’re welcome Maria! It does not go toward the principal on your mortgage unfortunately. It goes to your lender directly.
@marial5198
@marial5198 2 года назад
@@WealthyTiffany oh wow. Important to look into it, for sure. Thanks again so much.
@WealthyTiffany
@WealthyTiffany 2 года назад
@@marial5198 You're welcome!
@helenrodriguez3613
@helenrodriguez3613 3 года назад
How do I know my mortgage company offers that option?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hii Helen just call and ask them. :)
@edretamoza3074
@edretamoza3074 Год назад
HI Tiffany 🙋‍♂I wanted to ask like PMI can you cancel MIP (Mortgage Insurance Premium) which is like PMI but for a FHA loans . If so can a BPO be used to remove MIP? Thank you for always taking the time to respond to your loyal subscribers 🙂🏠
@WealthyTiffany
@WealthyTiffany Год назад
Hi Ed! You’ll have to check your contract, some FHA loans don’t allow removal of MIP unless you refinance. If they did allow removal, you’d also have to check with the lender about a BPO.
@edretamoza3074
@edretamoza3074 Год назад
@@WealthyTiffany Okay cool, thank you!
@rvogel317
@rvogel317 3 года назад
Was this a fha loan? I heard to remove on fha you need to refi?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi Ryan, good question. It was not an FHA loan, so you’d be correct for FHA you’d need to refi.
@Paparazzionsite
@Paparazzionsite 4 года назад
OMG!!!! Thank you for this valuable information! How long were you in your home, before getting the BPO service?
@WealthyTiffany
@WealthyTiffany 4 года назад
You’re welcome Paparazzi On Site! I was in my home only 3 years, real estate prices had gone up pretty quickly. 😊
@Paparazzionsite
@Paparazzionsite 4 года назад
@@WealthyTiffany Thank you for sharing! My lender definitely didn't give me this info when I asked about alternatives to paying the PMI off. I appreciate you.
@WealthyTiffany
@WealthyTiffany 4 года назад
Paparazzi On Site You’re welcome! My lender didn’t tell me either. I’m glad it was helpful! 😊
@markmclaughlin9252
@markmclaughlin9252 3 года назад
I called my loan company to remove my pmi, they said appraisal is required, is that accurate?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi Mark! Like I mentioned in the video, I was able to get a BPO, so I’d ask your lender if that’s an option!
@clemus18134
@clemus18134 2 года назад
Hi Tiffany, I have an FHA loan with Loandepot, my house is currently worth 280,000 and I owe a balance of 169,600. Do you know if Loandepot allows to remove the PMI without having to refinancing?
@WealthyTiffany
@WealthyTiffany 2 года назад
You’ll have to double check your paperwork, but a lot of FHA loans make you refinance.
@CC-jt4tv
@CC-jt4tv 2 года назад
Good information. Where did he take pictures in the house ?
@WealthyTiffany
@WealthyTiffany 2 года назад
Thanks. In all the rooms.
@Sergio-gm4gv
@Sergio-gm4gv Год назад
I work for a Lender. BPO is a Brokers Price Opinion . I don’t know how my Company works but I’m going to look into it and report it back here . I know we have a PMI dept so I’m going to look into it.
@WealthyTiffany
@WealthyTiffany Год назад
Awesome! Let us know!
@onetrueheart
@onetrueheart 2 года назад
Freedom!!
@WealthyTiffany
@WealthyTiffany 2 года назад
🎉🎉
@sudakara2388
@sudakara2388 3 года назад
Can this be true on FHA loan ? Will the MIP be automatically removed after reaching 80% LTV ?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi SUDAKAR A! No, unfortunately it doesn't apply to FHA loans. It should automatically be removed, but I've heard of that not happening so I'd pay close attention and call to have it removed.
@JH-vx2yp
@JH-vx2yp 3 года назад
If you started your FHA loan after the rules changed in June 2013 the PMI must remain on the loan until the loan is paid in full. As I understand it, you must refinance to remove the PMI.
@-ssch
@-ssch 2 года назад
At least need to wait 2 years on mortgage for BPO as far as I’ve heard. If it’s wrong pls respond.
@WealthyTiffany
@WealthyTiffany 2 года назад
Not that I’m aware of, if the price has increased enough, you should still be able to!
@6015awagner
@6015awagner 3 года назад
Freedom!
@WealthyTiffany
@WealthyTiffany 3 года назад
🎉🎉
@warrenwarren4339
@warrenwarren4339 2 года назад
I pay 20% of my mortgage and wellsforgo refuses to remove my PMI, what can I do?
@WealthyTiffany
@WealthyTiffany 2 года назад
It may be the way your loan was set up. Some FHA loans don't allow you to remove PMI so you may need to refinance. I would check the terms of your loan and if you are able to remove PMI I would talk to a manager at Wells Fargo.
@albert1558
@albert1558 3 года назад
Just found you... love what I’m hearing...will keep watching and learning....thank you
@WealthyTiffany
@WealthyTiffany 3 года назад
So glad! You're welcome Albert!
@utah2191
@utah2191 4 года назад
Was the PBO done in Utah?
@WealthyTiffany
@WealthyTiffany 4 года назад
Hi @Utah! Yes, it was. :)
@jessicas4033
@jessicas4033 2 года назад
Does this apply to FHA loans or just conventional?
@WealthyTiffany
@WealthyTiffany 2 года назад
Hi Jessica, it's only for conventional, unfortunately...
@MrCraiger527
@MrCraiger527 Год назад
So what about FHA loans? They are telling me you can't take it off unless you refinance. Thanks
@WealthyTiffany
@WealthyTiffany Год назад
That’s usually true, unfortunately, but you can check your paperwork to double check.
@onetrueheart
@onetrueheart 2 года назад
How did you know ur lender offered the BPO option?
@WealthyTiffany
@WealthyTiffany 2 года назад
The lender was making some policy changes and sent a letter out with the changes. The letter happened to mention a BPO option, that’s how I found out.
@CT-um7zq
@CT-um7zq 3 года назад
If you don't mind me asking, how long had you been paying your mortgage before you did this?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi C T! Just over 3 years.
@CT-um7zq
@CT-um7zq 3 года назад
@@WealthyTiffany thank you for answering. ☺️ Could you tell me which mortgage company you had when you did this. I'm with Utah mortgage corporation and a lady there, pretty much told me, I'm never going to get rid of it. As in, even if I give them the 22% cash now. But if i have learned something in life, it's that costumer service reps are not helpful.
@WealthyTiffany
@WealthyTiffany 3 года назад
@@CT-um7zq If it's an FHA, you would most likely have to refinance, but if it's a conventional loan then you don't. My mortgage was sold to Wells Fargo, that's who I got rid of the PMI with. Hopefully you can get rid of it! :)
@onetrueheart
@onetrueheart 2 года назад
My PMI payment is more than my Mortgage so yes I’d love to get rid of it
@WealthyTiffany
@WealthyTiffany 2 года назад
Oh wow, for sure then!
@jericcabusao3218
@jericcabusao3218 2 года назад
thanks for this one! I'm trying to get rid of my PMI, my house should have got the 80% ltv as of now since housing market went up. but my lender is Pennymac, I did my research that it is pain in the butt to request to this specific lender to remove PMI.. have you heard anything about pennymac regarding my situation? i have not call them i just want to be ready on what to tell them. thank you.
@WealthyTiffany
@WealthyTiffany 2 года назад
I haven't heard much, but I would definitely call them and be ready with your numbers! Good luck! :)
@steveacree7650
@steveacree7650 3 года назад
I'm getting a conventional loan but buying it from family with $100,000 equally in it should I have to pay PMI.
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi Steve, if the total amount being put down is less than 20%, then you'll most likely have to pay PMI.
@steveacree7650
@steveacree7650 3 года назад
@@WealthyTiffany I found out about a thing called a gift of equity so now I don't have to pay PMI thanks.
@WealthyTiffany
@WealthyTiffany 3 года назад
@@steveacree7650 That's awesome, I'm so glad Steve!
@franklincarreno8668
@franklincarreno8668 11 месяцев назад
If you made a down payment of 10% or more on most recent FHA loans, you may be able to cancel the MIP payments after 11 years. If you made a down payment of less than 10%, you will need to pay MIP for the full term of the mortgage. The rules for MIP are different for FHA loans that closed before June 3, 2013. The value of your home equity does not affect your FHA mortgage insurance premiums and having 20% home equity will not allow you to cancel it. As a result, homeowners with FHA loans sometimes think about refinancing with a conventional loan to remove mortgage insurance premiums. I made 5% long ago on down payment. My broker got me good for the end of the mortgage
@WealthyTiffany
@WealthyTiffany 11 месяцев назад
It’s important to know the terms of the loan for sure!
@slappz100
@slappz100 3 года назад
Does this apply to fha loans?
@WealthyTiffany
@WealthyTiffany 3 года назад
Unfortunately not, Paulena.
@mariolerma263
@mariolerma263 2 года назад
What type of loan do you have?
@WealthyTiffany
@WealthyTiffany 2 года назад
Conventional loan
@froggey5689
@froggey5689 4 года назад
My lender is telling me if you chose to do the reappraisal route (in hopes that your home value has increased), then you take the current appraised value and you need 75% LTV, no 80% from original amount to remove PMI.
@WealthyTiffany
@WealthyTiffany 4 года назад
Hi Froggey! It could be you have a Fannie Mae or Freddie Mac loan, which would require paying PMI for at least 2 years and have to have 75% LTV, the exception could be if you made improvements to the home. I’d look at your loan documents to see what they actually state.
@froggey5689
@froggey5689 4 года назад
Yes. We borrowed from a local credit union and they turned around and sold it to Fannie. It’s typical for banks to sell the mortgages, but annoying as our appraisal came in at 77% LTV.
@WealthyTiffany
@WealthyTiffany 4 года назад
Bummer. :/ Hopefully it won’t take too long before you’re there.
@froggey5689
@froggey5689 4 года назад
Only until 2023. Lol. Anyways thanks for putting this video together and responding to comments. I only wished I could have purchased a home near park city Utah and experienced some real upside to my home value. Lol!
@WealthyTiffany
@WealthyTiffany 4 года назад
Haha. You’re welcome! That would have been nice. 😉
@chaselesser3191
@chaselesser3191 Год назад
I found this out 5 days before my 2yrs. I’m doing the Broker appraisal, tomorrow. It will basically pay itself in the first month.
@WealthyTiffany
@WealthyTiffany Год назад
That’s awesome Chase!!
@chaselesser3191
@chaselesser3191 Год назад
@@WealthyTiffany Just got it removed today. $122 saved.
@WealthyTiffany
@WealthyTiffany Год назад
@@chaselesser3191 Yea!! I'm so glad!!
@lssessions2179
@lssessions2179 Год назад
But if You forclose, they get the house back and can sell it... What am I missing??
@WealthyTiffany
@WealthyTiffany Год назад
Yes, but we don’t plan on foreclosing!
@Jolene_Beyond9to5
@Jolene_Beyond9to5 3 года назад
I’m at 77.78% and they don’t want to remove it. I have a conventional loan
@WealthyTiffany
@WealthyTiffany 3 года назад
You are so close Jolene, hopefully you’ll be able to remove it soon!
@TheWriter86
@TheWriter86 3 года назад
FREEDOM!!!!
@WealthyTiffany
@WealthyTiffany 3 года назад
🎉🎉
@livingbeelow9617
@livingbeelow9617 4 года назад
Think this only works for conventional loans right and not FHA?
@WealthyTiffany
@WealthyTiffany 4 года назад
Hi Living Below 2SLM! Right, I think you have to refinance to get rid of mortgage insurance on an FHA loan.
@livingbeelow9617
@livingbeelow9617 4 года назад
Your video popped up on my suggested vidoe how to get rid of PMI and I heard that with a FHA loan it's for the life of the loan depending on you putting 20% down I believe. I plan on getting down 20% so no PMI for me.lol. Thank you for your response.
@WealthyTiffany
@WealthyTiffany 4 года назад
@@livingbeelow9617 Awesome, you're welcome!
@Jesus-kt5dc
@Jesus-kt5dc 4 года назад
@@livingbeelow9617 *Yes FHA loans have PMI for the life of your loan. The only way to get rid of it is through a refinance once you have 20% equity.*
@yulianaredford7024
@yulianaredford7024 4 года назад
I got my house 3 month ago and my loan sold to other lender , in the statement they said PMI disbursements I’m not sure what it is I hope you can help thank you
@WealthyTiffany
@WealthyTiffany 4 года назад
Congratulations on your new house yuliana! It's common for lenders to sell their loans to other lenders, but unfortunately I'm sure what they mean by 'PMI disbursements,' unless they are just giving you a line item for what the PMI amount is...
@Jesus-kt5dc
@Jesus-kt5dc 4 года назад
*Disbursement just means the act of paying from a fund. So it in your case it might mean when you pay your mortgage (fund) every month, a certain portion of your mortgage payment is use to pay your pmi.*
@magomago7819
@magomago7819 3 года назад
Yuliana was it originally Wells Fargo...this happened to me.
@yulianaredford7024
@yulianaredford7024 3 года назад
Dilo Mag no , nationwide sold to NewRez
@Kiddro22
@Kiddro22 2 года назад
@@yulianaredford7024 New Rez is very suspect. I refi’d with my agent from New Rez to Chase.
@rodelramos9963
@rodelramos9963 2 года назад
I need the BPO in Texas
@WealthyTiffany
@WealthyTiffany 2 года назад
Hi Rodel! Check with your mortgage lender.
@myriamvalentin4
@myriamvalentin4 2 года назад
Is this BPO available from all mortgage lenders?
@myriamvalentin4
@myriamvalentin4 2 года назад
Great info by the way! Freedom!
@WealthyTiffany
@WealthyTiffany 2 года назад
Thank you! It's not, so double check with your lender!
@tashabriggs6801
@tashabriggs6801 2 года назад
What company did you use
@WealthyTiffany
@WealthyTiffany 2 года назад
My mortgage was with Wells Fargo
@remogonzalez101
@remogonzalez101 3 года назад
So if I go to my lender and ask for a bpo and they say no,then what?
@WealthyTiffany
@WealthyTiffany 3 года назад
Hi Remo! Some may not allow it so you may have to wait or get an appraisal, but ask them what other options they have for you!
@vatsalsoni9254
@vatsalsoni9254 3 года назад
Does my property tax value changes if lander will do an appraisal?
@WealthyTiffany
@WealthyTiffany 3 года назад
@@vatsalsoni9254 No, it won't change because of an appraisal. :)
@Bitachon
@Bitachon 2 года назад
What about if someone is looking to buy a home soon? 🏡 🤔
@WealthyTiffany
@WealthyTiffany 2 года назад
If the numbers work, I'd say do it!
@gabygol70
@gabygol70 2 года назад
So all you have to do is call your lender and ask them that you want to takeoff your PMI and ask for a BPO?
@WealthyTiffany
@WealthyTiffany 2 года назад
Yes, some lenders may not offer it, but I would for sure call!
@gabygol70
@gabygol70 2 года назад
@@WealthyTiffany I called my lender yesterday and they said they were going to let me know if I qualify for it and also they said they wanted a written request for the PMI removal I checked on red fin to see what the value estimate was for my house and it said it’s at 440,000 and I owe $364,000 do you think I will qualify?We did do improvements on the house about $20,000
@WealthyTiffany
@WealthyTiffany 2 года назад
@@gabygol70 That's awesome you called them. Depending on how accurate red fin is, it's hard to say, it would need to be at least 20% equity, unless you have some extra cash you could put toward your mortgage to bring it to the 20%.
@DmitryMalinkin
@DmitryMalinkin 3 года назад
Thhhhaaaaaaannnnkkk yoooooouuu!!!
@WealthyTiffany
@WealthyTiffany 3 года назад
You're so welcome Dmitry! 😊
@DmitryMalinkin
@DmitryMalinkin 3 года назад
@@WealthyTiffany Tiffany, you kind of already answered to SUDAKAR A; but please clarify one more time: Does the BPO work for FHA loan or not?
@WealthyTiffany
@WealthyTiffany 3 года назад
@@DmitryMalinkin Hi Dmitry, unfortunately BPO doesn't work for FHA loans.
@curlyheadstrong
@curlyheadstrong 3 года назад
Freedom yaaasss
@WealthyTiffany
@WealthyTiffany 3 года назад
🎉🎉
@rodelramos9963
@rodelramos9963 2 года назад
How to get the BPO in Fort Worth Texas??
@WealthyTiffany
@WealthyTiffany 2 года назад
Hi Rodel! Check with your mortgage lender. Ask them if they have the BPO option.
@rodelramos9963
@rodelramos9963 2 года назад
@@WealthyTiffany thanks, will do.
@rodelramos9963
@rodelramos9963 2 года назад
@@WealthyTiffany I asked my Mortgage Lender and she don't know what is BPO.
@WealthyTiffany
@WealthyTiffany 2 года назад
@@rodelramos9963 Have her ask her manager and see if they will allow it. Some lenders don't offer it, unfortunately.
@edwardburgess584
@edwardburgess584 2 года назад
Hello in New York
@WealthyTiffany
@WealthyTiffany 2 года назад
Hello Edward!
@garyjam11
@garyjam11 2 года назад
I guess they remove your pmi because you did some improvements I tried this with my property BPO and Appraisal letter come back I need to send in improvements that I did it's don't need improvement cause was build 2020 with all improvements
@WealthyTiffany
@WealthyTiffany 2 года назад
I bought back in 2016, so the value had drastically increased. Dang! If values continue to rise as quickly as they have been, you can always try another time.
@garyjam11
@garyjam11 2 года назад
@@WealthyTiffany not understanding why they want list on improvement
@WealthyTiffany
@WealthyTiffany 2 года назад
@@garyjam11 I think they are wanting to know if you've made improvements that would have increased the home value
@empresslonnie1love391
@empresslonnie1love391 3 года назад
Saving for my 20% down , because I don’t have time for the foolishness. Thanks for the different options thou .
@WealthyTiffany
@WealthyTiffany 3 года назад
You're welcome Lonnie 1Love! Keep me posted! 😊
@empresslonnie1love391
@empresslonnie1love391 3 года назад
@@WealthyTiffany I actually have the 20% plus closing cost . But my husband Wanna go to the sheriff auction
@WealthyTiffany
@WealthyTiffany 3 года назад
@@empresslonnie1love391 Great job already saving up that amount Lonnie!! Good luck in getting a place! 🤞😊
@empresslonnie1love391
@empresslonnie1love391 3 года назад
@@WealthyTiffany thanks 🙏🏿
@WealthyTiffany
@WealthyTiffany 3 года назад
@@empresslonnie1love391 You're welcome
@rockyv23
@rockyv23 4 года назад
Financial freedom :-)
@WealthyTiffany
@WealthyTiffany 4 года назад
🎉🎉
@gregorylee1395
@gregorylee1395 3 года назад
FREEDOM
@WealthyTiffany
@WealthyTiffany 3 года назад
🎉🎉
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