Will my PMI drop off automatically?
If your mortgage is a single family, primary residence when the balance of your mortgage is first scheduled to reach 78% of the original value of the secured property (based solely on your initial amortization schedule), your monthly PMI costs will be removed from your loan. PMI also terminates automatically at midpoint of your contract terms as long as your loan is current.
Want to learn more about why you have Private Mortgage Insurance on your loan? View our PMI video for more. PMI EXPLAINED:
When can I ask to stop my PMI?
If you have a loan with private mortgage insurance, we follow HPA guidelines and will auto-terminate when your loan to value reaches 78% based on your original amortization schedule. However, you have the right to request PMI removal at any time.
If you have questions or would like to appeal your eligibility, please contact your loan officer and please allow 30-60 days to complete your lenders review.
Why did I receive a PMI disclosure statement?
The Homeowners Protection Act of 1998 requires lenders to send customers with PMI an annual written statement informing you of your right to cancel or terminate PMI.
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