Home Loans Corpus Christi

when can you drop pmi

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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.

You have more options to cancel mortgage insurance if you have a conventional (non-government) loan with PMI. You can simply wait for it to drop off. By law, lenders must cancel conventional PMI.

If you received your FHA loan after July 3rd, 2013 and put less than 10% as a down payment you will have to pay the MIP for the life of the loan. You can remove PMI after 11 years if you put more than 10% down. The FHA no longer allows borrowers to cancel FHA MIP after the LTV has reached 78%.

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Private mortgage insurance (PMI) is a monthly charge added to your payment when you take a conventional loan with less than 20 percent down. The purpose is to protect the lender in case you default on your mortgage. PMI is not a scam. It enables people to buy a home without having a large down.

The good news about taking out an FHA mortgage is that you don’t have to pay for private mortgage insurance, so you don’t have to worry about getting PMI dropped. The bad news is that you do have to pay for mortgage insurance premiums, which you can get dropped after you’ve paid down your mortgage and built equity in.

You should be able to locate these dates on your closing paperwork. More specifically, you should have a pmi disclosure form that you signed when you closed on your home loan. You can request that your PMI be dropped earlier than these dates if you meet the following criteria: You must be up-to-date on your monthly payments.

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