Your lender can also require you to provide evidence (for example, an appraisal) that the value of your property hasn’t declined below the original value of the home.Your lender may require you to certify that there are no junior liens (such as a second mortgage) on your home.You must have a good payment history and be current on your payments.There are other important criteria you must meet if you want to cancel PMI on your loan: For this purpose, “original value” generally means either the contract sales price or the appraised value of your home at the time you purchased it, whichever is lower (or, if you have refinanced, the appraised value at the time you refinanced). You can ask to cancel PMI earlier if you have made additional payments that reduce the principal balance of your mortgage to 80 percent of the original value of your home. If you can't find the disclosure form, contact your servicer. This date should have been given to you in writing on a PMI disclosure form when you received your mortgage. You have the right to request that your servicer cancel PMI when you have reached the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. The law generally provides two ways to remove PMI from your home loan: (1) requesting PMI cancellation or (2) automatic or final PMI termination. The federal Homeowners Protection Act (HPA) provides rights to remove Private Mortgage Insurance (PMI) under certain circumstances.
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