"Curious, has anyone here had luck getting PMI dropped early without refinancing, just by hitting that magic 20% equity mark naturally?"
Actually managed it once—here's what worked for me:
- Got a fresh appraisal (had to pay out of pocket, ugh).
- Submitted it directly to the lender.
- Waited...and waited some more. Took about 2 months total.
Definitely doable, but patience is key.
Had a similar experience, but my lender insisted on their own appraisal (at my expense, of course...). Took forever, but eventually they did drop it. Wonder if lenders differ much on appraisal policies?
Lenders definitely vary quite a bit on appraisal policies. Some are sticklers and insist on their own appraisal no matter what, while others might accept a recent independent appraisal if it's from someone reputable. I've seen cases where lenders even waived appraisals entirely if the borrower had a strong payment history and significant equity built up. Makes me wonder—has anyone here successfully negotiated appraisal requirements upfront when refinancing or dropping PMI?
I've had some luck negotiating appraisal requirements, but it's pretty situational. A few things I've noticed help:
- Strong credit and payment history definitely give you leverage.
- If your independent appraisal is recent (within 90 days) and from someone reputable, lenders might budge.
- Having substantial equity (usually 30%+) makes lenders more flexible.
But honestly, some lenders just won't move on this...depends who you're dealing with.
Great tips, wish I'd known this earlier—could've saved me some headaches (and cash). Now, anyone know if lenders ease up on PMI once you hit 20% equity, or is that another battle altogether...?
