What are the odds if I ask my lending company to waive my PMI fee.?

Question

Just by writing them a Letter.... Saying its hard to pay the mortgage and i can use the extra $180 a month...

Answer 1

Favorite Answer

Zero.

You want them to drop insurance on you by telling them you are having trouble paying the mortgage?

They would have to be idiots.

Answer 2

Sorry to say this, but the answer will more than likely be no. If you didn't put down at least a 20% down payment for your home, your bank will require you to pay this premium every month until you've reached the amount that the 20% would have been. (whatever you pay each month, minus the interest, until it adds up to the 20%)

Answer 3

PMI is mysterious!

I got in contact with bank of america fr loan and they charge discount point which is like closing cost free.

other then that, they say they dont have any kind of fees and no PMI either.

thats why they call no free mortgage plus

Answer 4

slim to none. if you've done any updates that will help cause that will build up your equity. i only pay like $20 for PMI