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2.9

We tripled up on our house payments to remove PMI. Their site states AUTOMATICALLY remove PMI at 80% LTV "Loan to Value" We got our LTV down to 74.53% but were still being charged. So I called, after 45 minutes bouncing around on a PHONE TREE. I finally spoke to a rep and was told I would have to pay $over $400.00 to have an appraisal done on the house before they would remove the PMI which is 106.00/month. Understand the house is only 2.5 years old and the housing market in our city is HOT. Zillow shows value at $395,000 vs the $321,000 we paid 2 years ago. My issue is that in their requirements for PMI removal it states Automatic PMI removal at 80% LTV, nothing is stated about having an appraisal done. So, I asked if I sent them a check for $30,000.00 and took the LTV down even further would they remove the LTV. They said NO!! I said then why does it say automatically removed at 80%. Was told that the PMI would automatically be removed in 2031 when the original amortization was scheduled to hit 80% LTV regardless of the fact we were tripling up on payments and were already at 74.53%. NONE OF THIS IS ON THEIR WEBSITE!!!

I know I am complaining about just $400.00 but it is the PRINCIPAL, these people are crooks, an Appraisal in our city costs about $150.00 and we were not allowed to pay an appraiser and send it in. We had to send them the $400.00 and they schedule the appraiser and keep the difference!!

THEIVES!!!! I have owned 3 homes and have NEVER had this happen!!!!

DO NOT DO BUSINESS WITH THIS COMPANY!!!!

If I did not have such a low rate locked in I would change servicers in a heartbeat!!!! I HATE THESE PEOPLE!!!!

Reason of review: Not as described/ advertised.

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Guest

I also attempted to have my PMI removed by having an appraisal done. The appraiser came out and appraised the house 30k lower than other houses that recently sold.

He used comps that did not match by using properties that were attached with no driveway and no backyard. My property has a driveway, detached and a front and backyard. Sent in an appraisal appeal to Caliber. Caliber stated appraiser received appeal and denied.

However, appraiser told me he never received it. Caliber never sent me anything in mail nor did they have "upper management" return my phone calls like they stated.

This company is unprofessional and shady. This issue has been ongoing on for over 6 months with no resolution.

Guest

Would have been nice if you could have posted the number you contacted to speak with a human within caliber about PMI. I was contacted today and told I could possibly have my PMI removed, when I said I was interested they transfer me to a department that only refinances home loans and are not even able to answer questions about PMI removal.

Very tacky tactics for such a large company. Anyway, I am trying to find out if upgrades/updating are considered within the 20% requirement with receipt from a contractor. I paid $300k exactly 2 years ago and currently owe $265k but have spent $50k in updating the property and home.

my target price for PMI removal is $240k so if they accept receipts then I should be ok. I just can't reach a human within Caliber to ask questions

Guest

Also, no one will complete an appraisal for$150 in any city. Final inspections are $150.

Guest

They want you to refinance which is why there is an appraisal fee. Even if you keep your current mortgage, you have to request that the PMI be removed if you paid ahead of schedule to be under 80%.

Pearline Eho

This is the EXACT issue I am having with them right now. I paid down early, the home loan to value is below 78% and they tell me that I have to have the reappraisal done or the PMI will not drop off until 12 months from now because that is the original "expected" date to reach 78%.

I am there now but they won't budge without paying the appraisal. The document they have online for removal clearly states it is AUTOMATIC removal once the LTV goes below 78%.

Totally asinine. They will not get another loan from me.

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