No. of Recommendations: 7
Oh Caaaaaaaaattttttttt....

I thought I'd seen you around these boards before... if only you'd read about combo loans before you went and closed on your purrrrr-chase (had to throw in the cat pun!)

Bad news... you're stuck for AT LEAST 1 if not 2 years for normal PMI escape.

Good news (and a strategy!)

1) Call up and read your loan officer at Chase an absolute riot act! Show no mercy... mention his mother!
2) Offer peace *IF* he'll immediately refi you into a combo 80-10,
4) Your current appraisal should be fine as it's still fresh... ink hasn't even completely dried.
5) Current title report MIGHT still be acceptable... even your current title insurance policy might carry over.
6) MIGHT even get the L.O. to sweet talk the escrow company into doing another closing for you at 1/2 price, since they JUST did you.

This turkey ought to be able to whip it out quickly, since it's all boilerplate and all your verifications and financials are current and accurate.

Whatever small incidental costs come up are better than that PMI.

"Recommend" this post, and hang it from the highest streetsign so that nobody else gets stuck like this. There is no excuse.

Best luck! I wish I could be the guy to help you with your loan... but the Chase people already took your money, go demand their service!!!

Luck to you,
Dave Donhoff
Lic. Mortgage Broker
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.