- Credit Card
- Real Estate
I just requested my bank to cancel PMI, since my balance reached 80%. Bank sent me note that I need appraisal and also my LTV should be 75% since my loan is less than 5 years old. Bank clarified that 75% LTV rule applies since my investor if Fannie Mae.
Also checked with bank that 75% LTV will apply even if I prepay to 78% percent. I am bringing up 78% since this is what in federal law allowing to request cancellation. So is this accurate that bank can overwrite federal law and allow to apply for cancellation at 75% LTV only?