South Carolina BS thread under new MANAGEMENT and lives in SC

I'm pretty solid on going. May not stay long, but i'll be there.

 

Yes I'm 6 months out from dropping PMI.. The bank companies tack it on for when you owe more than 20% of what house is appraised for.. You can ask the bank how much you owe before you can drop it and they will usually tell you.. You can pay that lump some and drop it that day

 

So I have to pay it of 80% before I can get off of it? Holy chit!

 

Yea say you have 100,000 mortgage.. Pay 20% and it drops off so ending you still owe 80,000 on it

 

Or yes what @Daria said.. It's the same thing.. When you have 80% percent left on loan.. I always look at how much you have to pay which is the 20%

 

That's usually cause they are lower % right?

 

Like government assisted

 

Think I paid $135.000
Down to $119.000
Was listed for $150.000

 

I paid 80k and I'm at 67k

 

My place is starting to remind me of the home base the bank robbers used in "Point Break" lol

 

Don't think the value has anything to do with it unless you are talking a refinance. It is the loan amount.

Was there a down payment involved? Basically your math is (total loan + down payment) x 0.8. That will be your goal number for removing PMI

 

$8000 down. It was on the last day of the free downpayment thingy they had in 2010.

 

So sale price was 135,000 plus 8,000? That would put your target number at 114,400

 

My head hurts

 

Sounds about right.