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How to get rid of private mortgage insurance. » Mortgage Masters Group

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As mortgage rates stall near record lows, it’s a fine time to refinance to grab a lower interest rate. But there are other reasons to refinance. One of them is to cancel mortgage insurance. Read.

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You may be able to get rid of your Private Mortgage Insurance payment. How homeowners can keep from bearing the cost of PMI The Homeowners Protection Act of 1998 obligates the lenders on nearly all loans to automatically cease the PMI when the principal balance of the loan equals 78 percent of the primary loan amount.

Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. The only way to get rid of FHA insurance is by refinancing into a non-FHA insured loan.

Private mortgage insurance (PMI) is insurance coverage that homeowners are required to have if they’re putting down less than 20% of the home’s cost. Basically, PMI gives mortgage lenders some backup if a house falls into foreclosure because the homeowner couldn’t make their monthly mortgage payments.

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In recent years, however, it has become increasingly more common to see home buyers using down payments of 10, 5 or even 0 percent. Naturally, loaning this much presents the lenders with a lot more risk. To offset this risk, these transactions often require Private Mortgage Insurance or PMI.

Private Mortgage Insurance, or PMI, is the insurance you pay on low down payment mortgages. It protects lenders and investors from defaults on a mortgage loan. Typically, you have to have mortgage insurance if you have a down payment of less than 20% of your home’s purchase price.

How to Get Rid of Private Mortgage Insurance  On average, homeowners with PMI make payments for 5 1/2 years before the insurance ends, according to U.S. Mortgage Insurers, a Washington D.C.-based industry group. PMI is the only type of lender protection that you can escape.

Private mortgage insurance is a policy that protects your lender if you fall behind on your mortgage payments or end up in foreclosure. It’s a monthly fee paid by borrowers on top of their regular mortgage payment and can covers most non-government backed loans, such as a conventional mortgages .

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