PMI, or private mortgage insurance, is a way for lenders to protect against risky investments. While this practice is understandable, it can make things difficult for homeowners, as it gets added on top of an already sizeable tower of new, monthly expenses – mortgage premiums, homeowners insurance, taxes, utilities, maintenance and upkeep, and more.
Today’s topic is how to get rid of PMI. In Episode 22, I spoke about private mortgage insurance or PMI, and how it’s tax deductible for homes purchased in 2007. Since that episode, some of you have emailed me asking how you can get rid of PMI. What is Private Mortgage Insurance (PMI)?
The Act says that you can ask that your PMI be canceled when you’ve paid down your mortgage to 80% of the loan, if you have a good record of payment and compliance with the terms of your mortgage, you make a written request, and you show that the value of the property hasn’t gone down, nor have you encumbered it with liens (such as a second mortgage).
When does PMI stop?. When Does PMI Stop on FHA, USDA, and Conventional Mortgage Loans. When does PMI stop on FHA, USDA, and Conventional Loans? How Can I Get Rid of PMI? Does PMI stop on my loan once I am under 80%?
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However, you can get rid of PMI on an FHA loan by refinancing into a conventional loan if your LTV is at most 78 percent. These are mortgages that are not insured by government agencies. They are insured or guaranteed by private companies.
Use a "stand-alone" first mortgage and pay PMI until the LTV of the mortgage reaches 78%, at which point the PMI can be eliminated. Use a second mortgage. This will most likely result in lower.
You may be able to get rid of PMI earlier by asking the mortgage servicer, in writing, to drop PMI once your mortgage balance reaches 80% of the home’s value at the time you bought it.
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