Mine actually dipped slightly at first (weird, right?), but after a few months it climbed higher than before. Totally worth it though—PMI was like paying extra for guac you didn't even order. Did you hit any snags with paperwork delays?
Mine did something similar—dropped a bit at first, which had me second-guessing the whole thing. But after about six months, it leveled out nicely. Paperwork was smooth-ish, but my lender kept asking for updated docs...felt like Groundhog Day for a while there.
Went through something pretty similar myself. Initially, I was convinced I'd made a mistake because my appraisal came in lower than expected, and the lender kept looping back for more paperwork—felt like a never-ending cycle. But after about 8 months or so, things finally settled down. Mortgage insurance dropped off, and seeing that monthly payment shrink even a bit was definitely satisfying.
If anyone's feeling discouraged by the endless paperwork shuffle, just hang in there. One thing that helped me was keeping a dedicated folder on my desktop with recent pay stubs, bank statements, and tax docs all updated monthly. That way, whenever the lender asked (again!), I could shoot them over quickly without scrambling around every time. Saved me from pulling out my hair more than once.
Also, quick tip: double-check your home's current value occasionally through online estimates or even chatting casually with local realtors. Knowing roughly where you stand can help you decide if it's worth pushing ahead or waiting a bit longer.
One thing I'm curious about though—has anyone here tried getting rid of mortgage insurance earlier by making extra payments toward principal? I've heard mixed things about whether that's worth doing versus just waiting it out naturally. Would love to hear some experiences on that front...
You're definitely not alone in feeling that frustration—I've seen plenty of clients go through the same paperwork merry-go-round. Your tip about keeping a dedicated folder is spot-on; organization really does ease the stress. As for paying extra toward principal, it can be worthwhile if you're aiming to build equity faster and ditch mortgage insurance sooner. But it's not always the best move financially...depends on your interest rate and other debts. Either way, sounds like you're handling it smartly!
Good points made here, though I'd add a quick caution about rushing to ditch mortgage insurance. While it's tempting to get rid of that extra monthly cost, sometimes the math doesn't quite line up—especially if your interest rate is low and you have higher-interest debts elsewhere. I've seen clients aggressively pay down their mortgage only to realize later they could've saved more by tackling credit cards or student loans first. Definitely worth crunching the numbers carefully before committing extra cash toward principal.