How Do I Get Rid of Private Mortgage Insurance? By Mary Gormandy White M.A., SHRM-SCP, SPHR You can’t shop around to find a better price on PMI , as it is calculated using a standard formula based on the amount of your loan.
When mortgage rates are near record lows, as they are now, refinancing can allow you not only to get rid of PMI but can also reduce your monthly interest payments. It’s a double whammy of savings.
Private mortgage insurance exists to protect lenders when the borrower stops making mortgage payments. As in most states, lenders in California often require borrowers to make monthly PMI payments if their down payment is less than 20 percent of the home’s appraised value.
The federal Homeowners Protection Act (HPA) provides rights to remove Private Mortgage Insurance (PMI) under certain circumstances. The law generally provides two ways to remove PMI from your home loan: (1) requesting PMI cancellation or (2) automatic or final PMI termination.
The most straightforward way to get rid of PMI is to pay your mortgage down to below the original 80% of your home’s value. You can then request to have your PMI removed, so long as you have good payment history.
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How to End Paying Private Mortgage Insurance One of the things that many homeowners want to know is how to get rid of private mortgage insurance. If you bought a home without making a down payment of 20% or higher, or you refinanced your home with less than 20% equity, private mortgage insurance (PMI) was probably a re
I wanted to do this in order to cancel the mortgage insurance. have PMI and it did NOT increase the interest rate we got. Plus, it’s not as easy as she says in getting rid of PMI. It’s a process.
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How to Get Rid of Private Mortgage Insurance. If you have private mortgage insurance, you’re probably looking forward to the day when it ends, sweetly reducing your mortgage payment. Here’s good news: While PMI eventually is canceled automatically, there are several things you can do to make that day arrive faster. You pay for PMI,