Newsflash: Removing PMI and Home Equity Loan at the same time?

Hello all! I saw a post yesterday on /r/personalfinance that was talking about how the housing market is up and that you can use the current value of your home as equity when asking for PMI to be removed. We are in an area where the market is good and we have built up quite a bit of equity and have made several improvements to our home that should help the value.We are getting ready to finish our basement and are looking at Home Equity Loans in the next few months. I have a realtor friend who is going to do a market analysis soon to ensure we have the equity we think we do before we go down the application road.My question is- can we use the same home appraisal for PMI removal purposes and for the loan? Does the 1st mortgage lender care if we get a home equity loan at the same time? Should we try for removing PMI before getting the loan? Ideally, I’d like to save a little money by using the same appraisal for both purposes and saving myself the PMI payment. Thoughts?Edit: Location is Wyoming



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s