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mortgage question.
It was my understanding when I purchased my multi family in 2006. That I would not require a reappraisal to eliminate PMI. I have gotten the building to a point where I am now 80/20 LTV based on the initial appraisal and want to eliminate PMI prior to purchasing another home (I live there now) I have always accelerated my payments and never been late. The mortgage company is now telling me I need to re-appraise? With the downturn in property values I know I will be lucky to be any where near 80/20.
Just wondering if anyone has any experience with this? I feel as though I am being penalized for being a good customer.
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