when can you drop pmi

when can you drop pmi

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Drop PMI without Refinancing. If it doesn’t make sense to refinance, and your conventional mortgage started no earlier than July 29, 1999, it is possible to drop PMI while keeping your existing mortgage. As soon as you have 20% equity in your home, you can request that the PMI be removed.

For a conventional home loan, buyers can ask the lender to drop PMI whenever their loan-to-value (or ltv) ratio reaches 80 percent and the equity equals 20 percent. To illustrate, if you buy a home.

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If you took your FHA mortgage between December 31, 2000 and July 3, 2013, and your loan-to-value on your home is at 78 percent or lower, you can request that your PMI be removed.

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Even if you haven’t paid down your mortgage to one of these legal limits, you can start trying to get your PMI canceled as soon as you suspect that your equity in your home or your home’s value has gone up significantly, perhaps because your home’s value has risen along with other local homes or because you’ve remodeled.

Another option that you can do is to pay an extra amount on your mortgage when you refinance that basically lets you get rid of the PMI. In our case we paid an extra $2,500 when we re-financed and that lump sum went towards the PMI and we were able to get rid of it altogether.

If you don’t want to pay for an appraisal, you can wait, and PMI will eventually be terminated by your lender. If your loan closed after July 29, 1999, lenders are required to automatically drop PMI once your loan balance falls to 78% of the original value of the home at the time you took your loan.

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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. Your request must be in writing. You may need to certify that you do not have any 2 nd mortgages on your home. It may be necessary that you provide an appraisal to support the value of your home. Generally, assuming you meet these requirements, your lender must cancel your PMI.

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