Loan/mortgage purchase

[tnchicken]

What is the name of your state (only U.S. law)? TN

Is a bank obligated to abide by the terms of a mortgage contract they purchased or can they add/change to their terms? Specifically relating to mortgage insurance. Original terms- MI can be waived with new appraisal showing principal at 80% or less than home value. New bank says they must be paid for appraisal, a home improvement must be documented and must be a certain length of time from loan closing.

 

[nextwife]

What did the loan docs state as to what is required to remove PMI? Values have gone down, so it is hard to eliminate the PMI unless you actually paid down a very significant amount of the mortgage balance.

 

[HomeGuru]

What is the name of your state (only U.S. law)? TN

Is a bank obligated to abide by the terms of a mortgage contract they purchased or can they add/change to their terms? Specifically relating to mortgage insurance. Original terms- MI can be waived with new appraisal showing principal at 80% or less than home value. New bank says they must be paid for appraisal,


**A: true

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a home improvement must be documented


**A: true

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and must be a certain length of time from loan closing.

**A: don't understand that one.