MyloanCare.com - Lakeside Loan Services — my loan and removal of pmi
I bought this house in August of 2016. I paid $440, 000 for it and the loan was for $417, 000. It appraised for a little more than the asking price. I added about $75, 000 in improvements and the value of the house went up anyway because of the fact that it is in the Boulder area. It would be somewhere between $550, 000 to $600, 000 if appraised today.
The loan to value is at least 80/20 at this point if not much better. The way Lakeview removes PMI is that you have to have lowered your principal to 80% of its original loan value. This means that I would have to pay my principal down to about $333, 000. The other requirement is that you have had the loan for two years - which I have had.
The way it should work is that the house would now be appraised and if the loan to value came in at 80/20 or better, they should remove the PMI .