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How to cancel private mortgage insurance years ahead of schedule Image Credit: Dreamstime If you’re a homeowner who’s fed up with paying private mortgage insurance, also known as PMI, there’s an unusual opportunity right now to possibly get rid of it years ahead of schedule.
Canceling PMI For loans covered by the Homeowners Protection Act of 1998 (HPA), you can request to have PMI removed when your balance reaches 80% loan-to-value (LTV) based on the original value of your home. If you’re requesting to have PMI removed, you:
Below, we take a closer look at what PMI is, how much it’ll cost you and how to cancel it. What Is Private mortgage insurance (pmi)? private mortgage insurance (PMI) is a type of insurance that.. PMI is required because if you can’t pay and the lender is forced to foreclose on a home in which you have no equity, the foreclosure sale may.
Sample PMI Cancellation Letter When your loan has reached 75%-80-% loan to value because of appreciation or paydown, with no late pays, then there is a chance you may be able to remove your PMI. The place to start is with a call or letter to your loan servicer (not the PMI company) and ask for their PMI removal policy
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Mortgage servicers are required to provide contact information on where to call about the termination and cancellation of the policy. In your case, getting the PMI canceled is equivalent to earning.
So the easiest way to cancel private mortgage insurance is just to wait for it to happen on its own. But you can also request your PMI be cancelled a little sooner, at 20 percent equity. Because mortgage insurance companies like MGIC insure the lender, you must ask your lender (not the mortgage insurance company) to request cancellation.
PMI (Private Mortgage Insurance) is the biggest ripoff in real estate. but not necessarily for the reason you’d think. PMI itself makes sense. If you can’t pay for a standard 20% down payment, your bank will make you pay for PMI to insure their loan against default. So, PMI is a reasonable concept overall, but it’s still a huge ripoff.
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