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How to get rid of PMI Keep up with monthly payments while also having a good payment history. Make sure the balance of your loan is 78 percent or less of the current value of your home. You cannot have a second mortgage on the property. Have a decent FICO score.
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The inability to cancel fha monthly premiums gives borrowers a powerful incentive to refinance into conventional loans as soon as they can. "We have a lot of people trying to get rid of PMI," says.
· Another way to get rid of PMI is to make home improvements, such as adding a bathroom or renovating a kitchen. From there, you wait one year, then get the home appraised-hopefully for a higher value that pushes your LTV to a level where you can offload PMI.
· 7 Ways to Cancel Your P.M.I. (Private Mortgage Insurance) First, if you have paid down your mortgage to 80% of the original loan, you can call your lending institution and request that the PMI.
Method #1 to Get Rid of FHA Mortgage Insurance: Check your Loan Balance. If you bought a house with an FHA loan some years back, you may be eligible to cancel your fha pmi today. If your loan balance is 78% of your original purchase price, and you’ve been paying FHA PMI for 5 years, your lender or service must cancel your mortgage insurance today – by law.
· How Can You Get Rid of PMI Without Refinancing? Are you tired of paying PMI and know that you qualify to get rid of it but don’t want to refinance? Luckily, there are a few other ways that you can get rid of PMI that won’t cost you money, or at least won’t cost as much as a refinance.
Compare mortgage rates on Bankrate.com. Although you can cancel private mortgage insurance, you cannot cancel federal housing administration insurance. You can get rid of FHA insurance by refinancing.
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Answer: Federal law provides rights to remove PMI for many mortgages under certain circumstances. Some lenders and servicers may also allow for earlier removal of PMI under their own standards. This date should have been given to you in writing on a PMI disclosure form when you received your mortgage. If you can’t find the disclosure form, contact your servicer.