He literally asked for something to back up your statements, he’s literally acknowledging your viewpoint and would be open to it if you were able to cite any references. If you want “outsiders” to listen to you, you have a responsibility to give them a reason to.

There, no insults, just a suggestion that if you want discourse, you need to have something beyond your opinion to back it up.

“Money”

“Yeah… not my job”

Rule of thumb when you’re trying to get approved for a loan is to disclose only what is asked for (income, debts, etc) the more you say and provide, the higher the risk is of having to do unnecessary legwork.

There’s a common understanding between loan processors that is essentially "if it’s not a detriment to the loan quality, necessary information like an additional owned rental propsrth, or an underwriting condition, the Underwriter doesn’t need to know. This is because the Underwriter is meant to scrutinize every detail of a loan. So something completely useless and innocuous could lead to a delay.

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.

If you think your home has increased in value enough to lower the LTV to 80% you can typically ask them to do a “drive-by” valuation to confirm.

Talk to your local government about any upcoming mortgage grants. Every community I have worked in has some grant that comes out during specific times each year. Usually just a few grand to cover closing costs, but I’ve seen some that cover 20% with a 4 year commitment to not sell the house.

There are also loan programs specifically meant for lower incomes; FHA typically has a higher debt-to-income threshold than conventional loans. Now, I still can’t afford a house even with that, but I have qualified many people who otherwise would not have made it past the Loan Officer.

I am not defending this, just explaining their perspective, but the institution is basically taking a risk of loss on any loan over 80%. The PMI helps lower the impact on that risk, and is paid by the borrower because they are the risk themselves.

If the bank has to foreclose within 6 months because someone hasn’t made their payments, they’re not going to get the same value the home was sold for when they put the home to auction. The lower the LTV, the higher the chance is that the bank can at least break even on the total loan given.

The value you can get from selling it down the line will more than cover that interest. You only really fuck yourself with that cost if you see the mortgage through to maturity.

I’ll state up front that I have been processing residential loans for about 12 years now.

Typically, you’d get PMI from a third party like Arch, Essent, MGIC, etc. They tend to be pretty strict about not removing PMI until the loan has been paid down to 80% LTV. A lot of institutions like to use them because they have a high underwriting standard (which reduces the risk of regulatory violations and discrimination.)

What you’re describing would not be the norm; my best guess is your financial institution is handling MI itself and is able to deviate from standard practice. In some cases, we will send out an appraiser to do a “drive-by” valuation on loans nearing 80% LTV, so it’s possible they confirmed your loan to value has decreased without telling you that exactly. I could even see them sending these if they confirm the county valuation of your property is high enough to be confosent about your estimated LTV.

No thats a great mindset. I just have no faith in humanity.

Lol, to be fair I have a significant anxiety disorder and am prone to panic attacks.

I deleted my comment because this is a masterful response. I want to remain on record, though, that you’re replying to an idiot who is trying to cause problems. You’re better than me for not pointing that out lol.

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Thanks for the context, from an American who tries not to read the news because my doctor reccomended that as an alternative to suicide. This whole place is fucked.

Op is thirsty af.

Fuck, I miss that sub ngl.

“Don’t rightly care if they do.”

He must not like the friend who drinks beer if he’s providing luke-warm brew.

I mean, more people would come if homie stopped putting beer on the counter to get warm.