Had a similar experience—thought I'd hit 20% equity easy, but the lender wanted 22% before they'd budge. Definitely call first. And yeah, houses creak...mine sounds like it's settling scores at night, lol.
Interesting you mention the 22% equity requirement. From my understanding, lenders typically stick pretty closely to that 20% benchmark—at least that's what mine told me when I refinanced last year. Maybe it depends more on specific lender policies or market conditions than just standard guidelines? Could be worth checking into another lender's criteria, just to see if that's consistent across the board.
And about the creaking house... yeah, mine does that too, but sometimes I wonder if it's more than just settling. Have you ever had someone inspect your foundation or structural integrity? I had a friend who ignored similar noises and ended up needing some serious repair work down the line. Not trying to alarm anyone, but sometimes those sounds might be worth a closer look.
"Interesting you mention the 22% equity requirement. From my understanding, lenders typically stick pretty closely to that 20% benchmark—at least that's what mine told me when I refinanced last year."
Yeah, I've seen lenders hover around that 20% mark too, but honestly, it can vary quite a bit depending on the lender and even the local market. Had a client recently who got PMI dropped at just under 19% equity because their home's appraisal came back higher than expected. As for the creaking noises... had similar issues myself. Turned out to be minor joist movement—nothing serious—but definitely worth getting checked out for peace of mind.
Interesting point about appraisals affecting equity percentages—I hadn't considered that angle before. When I refinanced, my lender was pretty firm on the 20% rule, but now I'm wondering if I should've pushed for a new appraisal to see if it could've helped drop PMI sooner. Has anyone had luck requesting a fresh appraisal specifically for that purpose, or is it usually lender-driven? Curious how flexible lenders typically are on this...
I get where you're coming from—my lender was pretty rigid about the 20% equity rule too, but I did manage to request a new appraisal after about two years. Honestly, I was skeptical they'd even agree to it, but surprisingly they did. The catch was, I had to pay for the appraisal myself (around $400 at the time), and there was no guarantee it'd come back high enough to drop PMI. Luckily, home values had risen enough in my area that it worked out.
From what I've heard, lenders aren't exactly eager to suggest this option themselves—probably because they're collecting PMI payments—but if you specifically ask, they're usually open to it. Just be prepared for the possibility that the appraisal might not swing in your favor. Have you checked recent home sales nearby to get a rough idea if your home's value has increased enough? Might be worth doing a little homework first before shelling out for the appraisal...
