“Lets Talk Real Estate! “When Can You Cancel Your PMI ” June 1st, 2022
Lets Talk Real Estate!
“When Can You Cancel Your PMI?”
When you purchase your home it may have come with the added expense of private mortgage insurance (PMI). Because it was never meant to be a permanent home, however, at what point should you feel comfortable cancelling it? Since lenders are required to cancel PMI when a mortgage reaches 78 percent of the home’s value, you could just wait it or get a new appraisal to see if you have reached that number sooner than expected. If you have, you’ll need proof of a property value, a strong payment history ( no late payments of more than 30 days in the last year), no liens on the property, and a written request to cancel the PMI. PMI and homeowners insurance, mortgage, and taxes are all to be considered when buying a new home. These are issues you’ll want to be completely familiar with before making a final decision to purchase. At our family owned and operated agency, we’ve made our 55 + years of experience work for hundreds and hundreds of happy buyers and sellers in our community, now let them work for you. “OUR SUCCESS HAS BEEN BUILT ONE SATISIFIED CUSTOMER AT A TIME.”