Submitted by Oskeros t3_z8yelg in personalfinance
We recently had an appraisal done which came back at 80.7% LTV. We asked our lender to remove PMI and they told us "there is a requirement when we request a new appraisal it has to come back 75% LTV to remove PMI"
Isn't this illegal? I thought under the law they have to remove it, when asked, when at 80%. This is Wisconsin by the way.
Thanks!
weiner_forest t1_iydydx7 wrote
I believe it's 78%. Keep in mind, that's off the original purchase price. Home equity due to appreciation I don't think is part of the legal requirement.