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Federal law requires a lender to cancel private mortgage insurance (PMI) on conventional loans when a mortgage term is at its halfway point, or when the mortgage balance drops to 78 percent of the ...
Conventional wisdom states that when buying a house, the responsible thing to do is to make a good down payment. Not only will you keep your mortgage payments lower, but you also will avoid ...
Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down. ... ratio on your mortgage. Loan servicers must cancel PMI ...
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 ...
Legally, there is no obligation to allow the cancellation of MI until the loan has amortized to a 78% LTV ratio based on the original purchase price. The cancellation request must come from the servicer of the mortgage to the PMI company who issued the insurance. Often the servicer will require a new appraisal to determine the LTV.
How long mortgage insurance is needed: This depends on the mortgage loan program you have -- whether it's a conventional mortgage or a government mortgage. Conventional Mortgages will require ...
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The various types of insurance on a mortgage include: Private mortgage insurance (PMI): Required for a conventional loan with less than 20 percent down. This fee is typically rolled in with your ...