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/u/ImaginarySpaghetti
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We bought our house in November and sold our former home later that month. With the proceeds, we made a lump sum payment to our loan to get us just under 80% LTV and requested PMI be removed. Our mortgage company told us our house appraised (using AVM method) almost 40k below what we purchased and it was appraised for two months ago and just 3k over what our original loan amount was.
The only options to remove PMI were pay another hefty lump sum, pay for a full appraisal, or pay for an interior BPO - both hired by the mortgage company. Are these really our only options? Why was the AVM sooooo low?
submitted by /u/ImaginarySpaghetti
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PMI denial
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The only options to remove PMI were pay another hefty lump sum, pay for a full appraisal, or pay for an interior BPO - both hired by the mortgage company. Are these really our only options? Why was the AVM sooooo low?
submitted by /u/ImaginarySpaghetti
[link] [comments]
PMI denial
Continue reading...