You may be able to get rid of your Private Mortgage Insurance payment. How homeowners can keep from bearing the cost of PMI The Homeowners Protection Act of 1998 obligates the lenders on nearly all loans to automatically cease the PMI when the principal balance of the loan equals 78 percent of the primary loan amount.
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.
Most people with private mortgage insurance want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your already massive mortgage payments.
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Private mortgage insurance (pmi) is insurance coverage that homeowners are required to have if they’re putting down less than 20% of the home’s cost. Basically, PMI gives mortgage lenders some backup if a house falls into foreclosure because the homeowner couldn’t make their monthly mortgage payments.
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.
Private Mortgage Insurance, or PMI, you may be paying for it even though you don’t have to. We can help you find out! Quality Appraisal Group, Floresville, TX. Menu. Have equity in your home? Want a lower payment? An appraisal from Quality Appraisal Group can help you get rid of your PMI.
How to get rid of your private mortgage insurance (aka PMI) October 26, 2017. Let’s just say it: it’s hard not to resent pmi (private mortgage insurance). It protects your lender, not you, yet you’re the one who has to pay for it every month.
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