Understanding PMI and Rent VS Owning

Understanding PMI and Rent VS Owning

Common questions regarding PMI that arise are detailed below:

  • 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. 2

PMI also terminates automatically at the midpoint of your contract terms as long as your loan is current.

  • When can I ask Momentum Mortgage Group 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.s

If you have questions or would like to appeal your eligibility, please contact Thrive Mortgage Home and Please allow 30 days for us to complete our review.

  • Why did I receive a PMI disclosure statement?

The Homeowners Protection Act of 1998 requires Caliber Home Loans to send customers with PMI an annual written statement informing them of their right to cancel or terminate PMI.

Want to learn more about why you have Private Mortgage Insurance on your loan? Contact us directly, no question is too small.

Contact us with any questions, concerns, or ideas. No Question is too small for the team at Momentum Mortgage Group!

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