(NJ) Freedom Mortgage Conventional Loan telling me only improvements to my house will be considered for PMI removal? “Rising properly values don’t come into play”

Original conventional loan was rocket mortgage but sold to freedom. I called and I even asked to speak to a different associate the first time and then their supervisor.

They stuck to the same thing and are telling me I would need to request an appraisal in writing to remove PMI, but warned me “only improvements to the house such as renovating a bathroom will count towards your equity. Rising property values do not count so if it’s based on that, I wouldn’t waste your time” direct quote from them.

I purchased my home in 2018 for 300k. My house appraised for 300k back then. I have 260k left on the loan. 4 houses on my street have sold for 450k+ within the last month and all have been older, less sq ft, and same or less bed/baths.

They are making me feel crazy when I question what they are saying. I keep reiterating that the appraisal would take into account rising property values but they are saying I’m understanding it wrong . Am I crazy?

submitted by /u/Sregtur
[link] [comments]

Original conventional loan was rocket mortgage but sold to freedom. I called and I even asked to speak to a different associate the first time and then their supervisor. They stuck to the same thing and are telling me I would need to request an appraisal in writing to remove PMI, but warned me “only improvements to the house such as renovating a bathroom will count towards your equity. Rising property values do not count so if it’s based on that, I wouldn’t waste your time” direct quote from them. I purchased my home in 2018 for 300k. My house appraised for 300k back then. I have 260k left on the loan. 4 houses on my street have sold for 450k+ within the last month and all have been older, less sq ft, and same or less bed/baths. They are making me feel crazy when I question what they are saying. I keep reiterating that the appraisal would take into account rising property values but they are saying I’m understanding it wrong . Am I crazy? submitted by /u/Sregtur [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!

Generated by Feedzy