How to get rid of private mortgage insurance. » Mortgage Masters Group

The requirements for removing your mortgage insurance premium (MIP) or private mortgage insurance (pmi) depend on your loan. Keep in mind the best way to figure out when you can remove your mortgage insurance is to call us. Here are some general guidelines. Canceling MIP on FHA loans.

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(Only way to get rid of it is to refinance the loan as conventional.) PMI is usually canceled automatically as soon as your paid equity reaches 22% These changes were partially made to start getting the government out of the mortgage insurance business, and move more of.

If you have private mortgage insurance, be familiar with how to get rid of it, and do so as soon as you can. Beth Haiken of the PMI Group said. Or, if you think appreciation has increased your.

FHA 78% Rule to Remove PMI - Detail Explanation Matt Hodges, sales manager for Presidential Mortgage Group, said over 50 percent of his refinancing. who had bought within the last few years and were hoping to get rid of private mortgage.

Under the Homeowner’s Protection Act of 1998, lenders are required to automatically terminate your private mortgage insurance (PMI) on the date when your principal balance is scheduled to reach 78% of the original home value (defined as the lesser of the sales price or appraised value of your home at the time that you bought it).

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 · First, contact your lender and verify that you are paying a mortgage insurance premium. You’ll also need to get the exact outstanding balance on your mortgage loan. If you feel that your home’s value has gone up enough to reach the 80% mark, then you’ll need to talk to your lender about the steps involved in having an appraisal performed for PMI removal.

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How to Get Rid of Private Mortgage Insurance February 8th, 2018. Private mortgage insurance (PMI) is required by most private mortgage lenders for borrowers who put less than 20% down on their home purchase. It can be paid for by the buyer with monthly premiums, a lump sum at closing, a.

To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent of the home’s original appraised value. When the balance drops to 78 percent, the mortgage servicer is required to eliminate PMI.

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