Getting rid of our mortgage’s PMI was no easy task. The lender denied us at first, claiming we needed 25% equity in order to qualify for removal. Well, that simply isn’t the case . . . at least in Minnesota. Apparently, it IS the case in some other states and our lender didn’t bother to notice we live in Minnesota, or took the opportunity to drag things out at additional month or two before removing it by auto-sending a decline letter.
I haven’t been impressed with the process. This squabble over a few hundred dollars may cost the lender thousands and thousands of dollars the next time we finance.