Has anyone requested early removal of PMI due to making extra mortgage payments? If so, how cooperative was the mortgage company/servicer?
I just refinanced my mortgage last month with a beginning LTV ratio of 87.21%. Under my normal amortization schedule, I won't hit 80% until 48 payments, and I won't hit 78% until 58 payments. But, at this point, I can afford to make extra payments sufficient to get LTV below 78% within 6-8 months. If I do so, is the mortgage company going to make it difficult for me to drop PMI (i.e., require a new appraisal), even though I'm less than a year into the new loan?
Also, how long will it take them to process the PMI removal--days, weeks, months?