I received a letter from Chase Home Finance yesterday. I knew what it was.
I had recently put in a request for my PMI removal (the interest one pays the bank when it's not 20% downpayment so as to protect the lender. It's a crock of @^%&). They had followed up with a payment of $150 to send a rep out to my house (in Augusta). The rep showed up a few weeks ago and took pictures of my house.
Those pictures are then sent back to Chase for them to appraise the value of the house. If their appraisal thinks that present equity satisfies the 20% limit, then we are off the hook to pay PMI.
We felt that by now, we have made enough payments to offset the 20% value, and were hoping that the extra $25 PMI we make each month in addition to our mortgage will be off our back. That gives us multiple savings over the years.
When this letter from Chase showed up in my mailbox, I was expecting for huge corporation to screw us. But lo and behold, the first few words could not sound sweeter.
We finally got rid of the dastardly monkey.
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