Hello, I live in IL and I currently have a mortgage for $358k in which
i had put less than 20% down. I financed through ohio savings bank.
Its been about a year and i'm paying $200/month in PMI. Not cheap. My
balance is around $308k and the property value is worth i would say
390k since units are going and selling around that price now.

I called Ohio Savings and asked them if they can send out and
re-apprise the home and get rid of my PMI as its within the 80%
loan-to-value or whatever. They said the only way is if i pay my loan
principle down to reach the 80%, as they would still go under my old
apprisal value when i signed. That would be around $23k to pay down.


Can someone enliten me on my options. I really don't want to refi
since my righat is around 4.375% on a 3yr ARM.