Monday, May 5, 2008

PMI removal: The final chapter

I received great news this weekend. The PMI has been removed from my mortgage. Wohoo! To read the complete adventures please see part 1, part 2, part 3, and part 4.

We mailed them a check for the certificate of valuation back in mid March. It was cashed on March 21. From my understanding they have 30 days to respond to our request for removal so on April 22 I called them since we hadn’t heard anything. They didn’t know anything of course. I have seriously never dealt with less knowledgeable customer service. I’ve called them about half a dozen times over the past few years and they never know anything. All they can ever do is request a letter be sent to me, and usually the letter says nothing. So on April 22 they requested a letter to be sent.

Surprisingly, a letter was mailed on April 24th and I got it on Friday. The PMI has been removed! Amazing. I was not expecting that. I figured there would be some new loop hole, such as it can’t be removed if your address starts with an even number, or something similarly insane.

We also got our new mortgage statement for June and it’s $50 lower. It’s not everyday that your bills actually go down.

2 comments:

No Debt Plan said...

Congrats! Any plans for that extra $50 each month?

Mom @ Wide Open Wallet said...

@ No Debt Plan: Not really. In a perfect world I would like to keep paying it and have it go to principle instead, but we really need it for bills unfortunately. Sadly, I think it will just get absorbed into our budget.