Tag: PMI

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REMOVAL OF PRIVATE MORTGAGE INSURANCE (PMI)

If you have a conventional loan with PMI, you may request it to be removed once the principal balance of the loan reaches 80% of the value of the home. According to the Homeowners Protection Act, a borrower may initiate cancelation of PMI coverage by contacting the servicer. PMI will automatically fall off when the...

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HOW LONG DO YOU PAY ON PRIVATE MORTGAGE INSURANCE?

A common question for those who have private mortgage insurance (“PMI”) is when can I stop paying it? When can I get out? If you recently obtained a FHA loan, unfortunately, you cannot get out of mortgage insurance as it stays with the loan for the life of the loan. However, if you have a conventional...