According to the US law, when can I stop paying PMI on my mo

Transgressor13 · Joined: 26 Mar 2008 Posts: 1 1.29 Dollars($)

What does my balance have to reach in order to eliminate paying PMI?
Is that based on appraised value ($320K as of 11/5/07) or loan amount ($295K) or the current balance? Please give me the location of the law that substantiates your response. Thank You.

John1 · Posted: Wed Mar 26, 2008 10:45 pm Post subject:

(assuming this is a conventional loan and not FHA) Typically onec you have PMI you have to keep it for a minimum 2 years before the PMI company will cancel ( I have heard of less time, but thisis typical. PMI can be cancel at your request when the LTV (Loan to Value) is 80% and it automatically is removed at 78%. I would suggest that you contact your lender and ask if the PMI and be removed. They should send you their response within 10 days. They will use the appraised value at the time you purchased the home. You will probably have better luck with supplying them with a recent appraisal. Check with the lender on the specific steps you need to follow to have the PMI removed. For additional information go to "www.mgic.com" This is one of the larger PMI companies.

[Link deactivated as per forum rules. Thanks.]

jerry · Posted: Thu Mar 27, 2008 2:38 am Post subject: RE: when to cancel PMI

Hi Transgressor,

Welcome to the forums.

This topic has been discussed earlier. Please refer to the thread on Cancellation of PMI .

Thanks,

Jerry.

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