Once again Wells Fargo has decided that I have an escrow shortage. Not only do I have an escrow shortage, but my mortgage payment is also going up by $5 a month even if I pay the shortage. (I already paid the $79.40 shortage). Having a mortgage sucks.
I would really like to have enough money to pay off the entire mortgage, however, for now all I can go is pay an extra $110 a month on the principal. I have a 87.7% loan to value ratio. My PMI is scheduled to drop off on 9/1/20. I hoping to get under 80% by sometime next year.
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Not sure the specifics of your loan but I have an early 2013 FHA loan (before they changed the rules) that after 5 years of payments if my loan is paid down to 78% I can have PMI manually removed. Just paying minimums would add 2.5 years to my PMI.
ReplyDeleteI have a conventional mortgage, the pmi should drop off automatically once i reach 80% loan to value. Can't wait to pay it down far enough so i can use the pmi payment as extra principal payments.
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