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c/first-time-homebuyers•drew_chendrew_chen•17d agoMost Upvoted

Found out my lender was charging me for mortgage insurance I didn't need

Six months into my first house in Phoenix, I noticed an extra $85 on my monthly statement. Called the bank, turns out I had PMI even though I put 22% down. They never told me I could request to cancel it after hitting 20% equity. Anyone else get stuck paying for something unnecessary their lender didn't mention?
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2 Comments
casey_torres60
casey_torres6016d ago
On him to ask for the cancellation" - that's exactly what they told me too. I ended up calling them every month for a year after that to check if my rate had changed somewhere else and they always had some excuse. I swear lenders depend on you not paying attention, like they hope you'll just set up autopay and forget about it forever.
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david123
david12316d ago
My buddy in Tucson had the exact same thing happen to him. He put 25% down on his place and still got charged PMI for almost two years before he caught it. The lender basically said it was on him to ask for the cancellation.
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