Posted on: 12th Feb, 2009 07:18 am
I have a rental property, which is not the home I live in. I have a mortgage obviously on that property. Is ratio still 20% loan to value as a means to get rid of PMI for this rental property? Thanks.
Yes, you cannot get the PMI removed until you pay down the loan to a level = to 80% of the original purchase price or 80% of the appraised value (you would need to pay for an appraisal)