Current Events > Question about PMI and equity...

(+) Yeah! (+)

Someone from mortgage company just called. They said I may have enough equity to get rid of my PMI?

She's gonna call back after work, but how is that possible?

We've been living there for about a year. Only made minimum payments, haven't pitched in any extra towards interest/principal yet.

Only thing we've done is install a fence, which is probably irrelevant.

I mean I'll definitely accept paying less, if it works that way.
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Bump
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That's why financial experts say to put 20% down on a home. To avoid PMI.

So if you put 10% down and in that time your house has managed to accrue an additional 10% (through just paying up to that principle amount or maybe the value of the home went up enough) you'd be out of the PMI water.
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We only put down 3.5%, since it was an FHA loan.

There's seriously no way. I'm confused af.
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Your mortgage company or a mortgage company?

Someone probably just trying to get you to refinance with them and using that as a hook.
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Then it sounds like a way to get you to take money out of the home. I doubt you're getting out of your PMI.
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It was the company I used.

Will update when she calls back. My step dad thinks they may just be trying to get me to have another appraisal
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