Part of a series:
- Getting rid of PMI (part 1): The P stands for “parasite”
- Getting rid of PMI (part 2): The M stands for “misdirection”
- Getting rid of PMI (part 3): The I stands for “I already told you”
- Getting rid of PMI (part 4): Hard work versus a risky shortcut
So I finally learned that I had two options in order to remove Private Mortgage Insurance (PMI) from my SunTrust mortgage.
- I could get a new appraisal on my property. If the new property value was high enough such that I had a 75% LTV, I could remove PMI (once my mortgage reached 2 years in age).
- I could pay down the mortgage to 80% LTV based on the original purchase price and remove it right then.
Armed with that knowledge, I could make an informed decision. Here’s what I came up with and why.