One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount. So if you paid $250,000 for the home, 80% of that.
Most people with private mortgage insurance want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your already massive mortgage payments. Lenders.
If you have an FHA-insured loan, for instance. "If you refinance, you can get rid or your PMI and you may be able to end up with a lower (interest) rate." In today’s competitive climate, you may.
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How to Remove or Cancel FHA Mortgage Insurance Quicker. It is possible to eliminate or get rid of the FHA mortgage insurance premium quicker if you make extra payments to the principle loan balance, but only after 60 months have passed. FHA goes off the scheduled amortization schedule to determine when you will reach 78% LTV up until 60 months.
Canceling PMI. For loans covered by the Homeowners Protection Act of 1998 (HPA), you can request to have PMI removed when your balance reaches 80% loan-to-value (LTV) based on the original value of your home. If you’re requesting to have PMI removed, you: Have to get a home value assessment through Wells Fargo (at your own expense).
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Compare mortgage rates on Bankrate.com. Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing.
What’s not as good: fha mortgage insurance premiums usually are higher than premiums for private mortgage insurance. To get rid of FHA premiums, you must refinance the loan. Who they’re for: Most.
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If you’re tired of throwing your money away on PMI, here’s how you can get rid of it. PMI buster No. 1: Pay down your mortgage The easiest, albeit slowest, way to get rid of your PMI is by making your mortgage payments on time each month.
To get rid of MIP, plan to refinance. If you have a government-backed loan, you probably have MIP, or mortgage insurance premium. It’s the version of mortgage insurance that’s required for some government-backed, low-down-payment loans, such as FHA loans. For details on how MIP works, read our in-depth post.