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[deleted] t1_iye89ux wrote

Reply to comment by Coronator in Lender is asking 75% LTV to remove PMI? by Oskeros

Nonsense. Please link to where you’re getting this info.

We canceled PMI within 2 years, at 80% LTV and without improvements, based on a market value reappraisal.

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Coronator t1_iye8uvb wrote

75% is a standard LTV without substantial improvements being done. Some allow for 80%, but many do not.

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[deleted] t1_iye9emf wrote

Not true. Many big lenders like Chase will remove at 80% reappraisal without improvements. I know because I’ve done it (recently).

You’d need to speak with your specific lender. But saying 75% with substantial improvements is standard practice is wildly incorrect.

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Coronator t1_iye9nsh wrote

I said it’s a standard, not the standard. I know many people who are in the same boat of having to hit a 75% LTV. This has been especially true with the rapid rise in home prices the past couple of years - banks do not want to get caught holding a bag because Zillow says your house is worth 20% more than you bought it 6 months ago.

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