How to get your PMI dropped YEARS ahead of schedule

Almost any mortgage in which the buyer doesn't pay a minimum 20% down payment has "mortgage insurance," typically referred to as PMI (or MIP). This is simply an additional fee that the lender requires you to pay until you reach 20% equity in your house. But the 20% equity is calculated based on what your home was worth when you obtained your mortgage. Guess what? The market has appreciated by 20% over the past year in Greenville, so almost anyone who purchased real estate over a year ago now has 20% or more equity in their home. Banks don't like it, but this gives you the opportunity to get your PMI dropped years before the bank is required to drop it. Don't believe it? I (Stan) got it dropped on my own home this year, fully four years ahead of schedule. And this episode of Selling Greenville is my story about it.

 As always, if you have any questions or comments (or, of course, need a realtor), feel free to reach out to Stan McCune directly by phone/text at (864) 735-7580 or by email at smccune@cdanjoyner.com.