"Makes you wonder if loyalty really counts or if they're just afraid we'll jump ship..."
Yeah, I've noticed this too. Lenders often bank on inertia—assuming most homeowners won't bother switching. When I hit 20% equity, I proactively reached out with a detailed appraisal and equity calculation. They stalled at first, but once I mentioned refinancing elsewhere, suddenly the PMI vanished. Seems like a common tactic, unfortunately. Good on you for pushing back; sometimes that's exactly what's needed to get fair treatment.
"Lenders often bank on inertia—assuming most homeowners won't bother switching."
Exactly my experience too. A few things that helped me ditch PMI quicker:
- Kept a close eye on local home values to estimate equity accurately.
- Requested an official appraisal once I was confident I'd hit 20%.
- Had refinancing quotes ready as leverage (though I never intended to actually switch... too risky for my comfort).
Definitely pays to be proactive, but always good to have a backup plan just in case lenders drag their feet.
Your approach sounds pretty solid. I remember when I was trying to ditch PMI, my lender acted like I was speaking another language when I brought up home values in my neighborhood. They kept pushing me to wait another year, but I wasn't convinced... ended up getting my own appraisal done, and it turned out I'd already surpassed the 20% mark by quite a bit. Definitely pays off to question things rather than just accepting their timeline at face value. Glad you stayed proactive—it really makes a difference.
Good call on getting your own appraisal done. Lenders can be weirdly conservative about home values—guess they're not exactly eager to lose that extra PMI payment each month, huh? I've seen plenty of cases where the homeowner's intuition was spot-on, especially in neighborhoods with rising values. Always worth double-checking their math... lenders aren't exactly known for rushing to save you money. Glad it worked out for you.
Totally agree with you on lenders being overly cautious about home values. When I bought my first place, I was shocked at how low the lender's appraisal came in compared to what I'd seen in recent neighborhood sales. Did some digging and found out that lenders often use comps that are months old, which can really undervalue your home if you're in a hot market. Getting an independent appraisal or even a broker price opinion (BPO) can sometimes give you a more accurate picture of your home's current worth.
Also, don't forget that once you hit 78% loan-to-value based on your original amortization schedule, lenders are legally required to drop PMI automatically. But if your home's value has risen significantly, you can request cancellation earlier—usually at 80% LTV. Just be prepared to jump through some hoops, like paying for that appraisal yourself. Still, it's usually worth it in the long run... PMI payments add up fast, and I'd rather put that money toward equity or home improvements.
