refinancing to remove pmi

The mandate to automatically remove PMI at 78% only affects new mortgages funded after July, 1999. Fannie Mae and Freddie Mac have said they will apply this mandate to the older loans. Canceling your PMI as soon as possible is a great way to put an extra $50-$400+ back into your pocket each month.

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"Some homeowners are sitting on adjustable rate mortgages (ARMs) wondering if now is the time to refinance to a fixed-rate loan. The clock is ticking on private mortgage insurance (PMI) payments..

PMI stands for private mortgage insurance which is an insurance policy on your mortgage loan. PMI will reimburse the mortgage lender if the borrower ever defaults on a mortgage. This helps reduce the risk of loss allowing mortgage lenders to offer home loans. PMI is required on all mortgages with a loan-to-value ratio (LTV ratio) above 80%.

How To Remove Mortgage Insurance (MI or PMI) If you can switch from a 30-year loan to a 15-year loan without a private mortgage insurance, for about the same money each month, you’ll build equity very quickly.

It’s no secret that purchasing a home, especially for the very first time, can feel overwhelming and intimidating. With all of the mortgage and real estate lingo, and the sometimes-overwhelming processes and procedures, it’s no wonder buyers often find themselves confused and with lots of questions.

 · With the new fha streamline refinance program – and the recent changes in the FHA PMI rates – we’ve had several people ask, “When Can I Cancel and Get Rid of FHA Mortgage Insurance Premium?” In other words, When Does fha pmi stop ? The good news is that unlike the USDA Loan Program (that also saw recent changes to it’s PMI rates) you actually CAN “get rid of FHA PMI!”

Remove PMI by Refinancing There can be several benefits to refinancing a home, such as getting and lower interest rate and taking cash out of a home. Homeowners who got their mortgage before July 29, 1999, when the Homeowners Protection Act took effect, often have no other option than to refinance to remove PMI.

Removing PMI Through Refinancing By Karen Lawson LoanPage.com Columnist Email a Friend Printer Friendly If your loan to value ratio (LTV) was more than 80% when you bought your home, and you have a conventional mortgage loan, you’re likely paying a monthly premium for private mortgage insurance or PMI.