PMI stands for Private Mortgage Insurance, and it is required on mortgages with a loan-to-value ratio greater than 80%. For example, if your home was worth $100k at the time of closing, and you owe more than $80k on the loan, you are required to have PMI.
I got my annual PMI disclosure tonight, and it says that if I’ve had my loan for at least two years, and have a good payment history for at least two years, I am eligible to cancel my PMI.
It’s not a lot, mind you. But I’d love to save the ~$70/mo it costs. That’s a fifth of vodka and a bag of CBD gummies, every month.
I strongly recommend not disclosing that you intend to use the monthly savings on vodka and gummies
Unless you’re getting a cash-out refinance, financial institutions really don’t care what you spend your money on. The bank rep especially isn’t being paid enough to care.
I’m curious why you say that?
firstly, and most importantly, it’s none of their fucking business.