The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: Cherry on February 06, 2015, 06:45:49 PM
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We just got the letter that our private mortgage insurance has been cancelled! This will save us about $750 compared to letting it cancel automatically in a little over a year. We had just reached 20% paid on the loan.
I did the research and wrote a request letter, and we had to arrange for an appraiser to visit the house for a Broker's Price Opinion (BPO). The bank was actually very easy to work with.
The BPO was interesting too - it gave us six "comps" for houses in our area, talked about how our house compares, and even gave a suggested price for if we wanted to sell.
I wouldn't have thought to apply without reading some of the posts here. Thanks everyone for the inspiration!
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Congratulations!! How nice to get the PMI monkey off your back.
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So happy for you!
PMI is my own bugaboo, $300+ a month that we probably have 3 more years of having to pay (FHA loan).
Congrats!
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NICE!
We bought our home in 2012 with 3.5% down, and had $340 in monthly PMI
We are refinancing right now to a conventional loan so we'll end up saving a net of $325 altogether. I don't mind the slightly higher interest rate (3.25% FHA vs. 3.75% conventional) because we'll strive to pay the home off early. Congrats!