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 .
The good news is, if you forget to request a PMI cancellation at the point you reach 20% equity in your home, your mortgage lender is required to automatically.
Under the Homeowner’s Protection Act, your mortgage lender is legally required to cancel your PMI coverage once you pay down your mortgage to 78% of the principal, as long as you are current on.
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. Here’s a.
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If you are paying for private mortgage insurance, you know it adds up. One of these strategies can help you get rid of PMI and keep money in your pocket.
Overview: How To Get Rid Of PMI Mortgage Insurance | 6 Ways to Getting Rid of PMI As a potential or current homeowner, you ultimately want to reduce additional expenses on your mortgage loan. Unfortunately, every time you get a break such as no closing costs, low-interest rates, or low down payment assistance, there is a loophole.
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Pay Down Your Mortgage. 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. You can see details here, but requirements from the Consumer Financial Protection Bureau include:
Mortgage Availability Calculator For comparison purposes, the calculator allows four common choices of 3.5%, 5%, 10% and 15% down. The availability of a small downpayment is the hallmark of the FHA program, and when a borrower puts 20% down or more, PMI is not required for conventional mortgage offerings, so there would be nothing to compare an FHA loan against.
*Not all loans allow you to get rid of PMI. With an FHA loan, you cannot cancel your mortgage insurance premium at any time, for any reason. To get rid of PMI on an FHA loan, you have to refinance to a conventional loan. Removing Private Mortgage Insurance From Your Home Loan. If you’re currently paying for PMI, you know how it adds up.
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