Had a client who tried that route last summer. Lender made it sound easy—just hit 20% equity and you're golden, right? Well, turns out, their appraisal came in suspiciously low (shocker...), dragging the equity calculation down. Ended up being a bit of a runaround before they finally got PMI dropped. It's doable, but I'd say keep your expectations in check and brace yourself for some back-and-forth.
Went through something similar a couple years back. Bank made it sound like a breeze, but the appraisal was conveniently low (surprise, surprise...). Took some persistence, but eventually got PMI dropped. Worth it? Yeah, probably—but don't expect smooth sailing.
"Bank made it sound like a breeze, but the appraisal was conveniently low (surprise, surprise...)."
Haha, banks being banks—who'd have guessed? Had a similar experience myself. Took me two appraisals and a few polite-but-firm phone calls to finally get rid of PMI. Honestly, it's annoying how much they drag their feet on this stuff. But yeah, totally worth the hassle in the end...saving that extra cash each month feels pretty sweet. Hang in there, folks—it does pay off eventually.
"Honestly, it's annoying how much they drag their feet on this stuff."
Tell me about it... took me forever too. Felt like pulling teeth just to get a fair appraisal. But once it's gone, you won't miss that extra chunk leaving your account every month. Hang tight, you're almost there.
I get the frustration, but honestly, sometimes it's not worth rushing to ditch mortgage insurance. Sure, it's an extra cost each month, but if your property's appreciating steadily, waiting a bit longer can actually boost your equity position and make refinancing smoother down the line. I've seen folks jump through hoops to remove PMI early only to realize later they could've saved more by timing it differently. Just something to consider before you push too hard...
