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A federal housing regulation informally called the “PMI Cancellation Act” — formally named the Homeowners Protection Act of 1998 — assists homeowners trying to get rid of their PMI.
On the other hand, PMI is easier to get rid of. You can request to cancel PMI on a conventional loan after you reach 20 percent equity in the home. Plus, the Homeowners Protection Act mandates ...
Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down. ... There are a few ways to get rid of PMI:
LPMI is usually a feature of loans that claim not to require Mortgage Insurance for high LTV loans. The advantage of LPMI is that the total monthly mortgage payment is often lower than a comparable loan with BPMI, but because it's built into the interest rate, a borrower can't get rid of it when the equity position reaches 22% without refinancing.
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Refinancing is another way to get rid of PMI. If your lender won't drop the monthly PMI requirement but your LTV is less than 80%, you can likely refinance the loan without PMI.
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
3. Eliminate your mortgage insurance. You might also try to eliminate your private mortgage insurance (PMI). PMI is assessed by most lenders on conventional loans with down payments less than 20 ...