From: "John A. Weeks III" 
Newsgroups: misc.consumers.house
Subject: Re: Lender won't remove PMI
Date: Wed, 13 Apr 2005 21:32:59 -0500

In article ,
 Eric Pawtowski  wrote:

> One of them is that you must have at least two year's worth of 
> on-time mortgage payments.  If you've only lived in the house for a 
> year, you don't have two years's worth of payments.  Doesn't matter
> how much the house has appreciated or what you've paid off, they 
> want to see those two years.  
> 
> Another condition is that your credit rating must be high 
> enough. How high is 'enough' will vary from bank to bank.  

I am sure that the bank would like to see all kinds of 
things.  But in the real world, what matters is state and
federal law.  In most places, once you get down to 80%,
the bank is obligated to remove PMI.  The bank can demand
their own appraiser, and I think you have to wait at least
1 year.  Best to check the law in your area, and then 
quote chapter and verse to your lender.  BTW, also check
your contact with the lender...you may have signed away
your right to do this.

-john-

-- 
======================================================================
John A. Weeks III           952-432-2708            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
======================================================================