That's a solid point about waiting a bit longer to hit that equity sweet spot. But I'm curious—does anyone know if lenders typically notify you automatically once you've reached the 20% equity threshold, or is it completely on us to track and request PMI removal? I've heard mixed things from friends who've gone through this. One buddy said his lender proactively reached out, while another swears he had to chase them down repeatedly. I'd hate to keep paying PMI longer than necessary just because I wasn't paying close enough attention. How reliable are lenders about this stuff, generally speaking?
In my experience, lenders aren't exactly eager to remind you when you've hit that magic 20% mark. Had a property a few years back where I assumed they'd reach out automatically—big mistake. Ended up paying PMI for almost a year longer than necessary because I wasn't tracking closely enough. Lesson learned: always keep tabs yourself and don't rely on the lender to do you any favors. Better safe than sorry...and cheaper too.
"Lesson learned: always keep tabs yourself and don't rely on the lender to do you any favors."
Haha, ain't that the truth? I've seen clients wait for lenders to ring the bell when they hit 20% equity, and let me tell you, that's about as likely as me skipping my morning coffee...not happening. Staying proactive is key. Good on you for sharing your experience—hopefully saves someone else from funding their lender's next vacation. 😉
"Haha, ain't that the truth? I've seen clients wait for lenders to ring the bell when they hit 20% equity..."
Yep, learned this the hard way myself. Waited months thinking they'd automatically drop my PMI...nothing. Had to call, submit paperwork, and jump through hoops. Always pays to stay ahead of it yourself.
Same here, I thought I'd just magically see my monthly payment drop once I hit that golden 20% mark. Nope. Waited around like a dummy for a few months before realizing lenders aren't exactly eager to remind you they're taking extra money from your pocket every month. Ended up having to dig through paperwork, make a bunch of calls, and even get a new appraisal done—which was a whole other headache. Lesson learned: lenders aren't your buddies looking out for your wallet...gotta keep track yourself. On the bright side, finally ditching PMI felt like a mini raise, haha.
