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Private Mortgage Insurance

by Gary Kent / Wednesday, 20 September 2006 / Published in Uncategorized

“Hi Gary. I bought a home 3 years ago with 10% down and I’ve been paying PMI [private mortgage insurance]. I know PMI insures lenders against loss on low down payment loans. But my home value is way up, so I think they no longer have any risk. Can I cancel my PMI?”

***ANSWER:
Lenders must automatically cancel a borrower’s private mortgage insurance, if paid by them directly, when:

– The borrower’s mortgage balance is scheduled to reach 78% of the home’s original value, AND

– The borrower is current on payments.

Borrowers can also send their lender a written request to cancel their PMI when:

– Their loan balance reaches 80% of the original value of the home, AND

– They have a good payment history, AND

– They have no other loans taken out on their home, AND

– The value of their home has not declined.

Borrowers are entitled to a refund of the unearned portion of the premium they paid when their private mortgage insurance is cancelled. Lenders must transfer the refund to them within 45 days of cancellation.

Click here for more help

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About Gary Kent

Licensed since 1984, San Diego real estate broker Gary Kent is a recognized authority on real estate. In addition to selling over 5,500 homes for clients, he has been an expert court witness, trainer of other agents, and he does seminars on home buying, home selling, and investing. Gary has sold homes for The Salvation Army, dozens of major banks, and Fannie Mae, amongst others. You can find Gary on Facebook, Instagram and YouTube.

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