Should I Refinance My Home to Get Rid of PMI. by Kristie from Utica, Michigan Ask Kate if you should refinance your home for the sole purpose of getting rid of private mortgage insurance: Kristie, a novice at homeownership, asks if she should refinance at the same rate to remove private mortgage insurance (PMI).
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7 Ways to Cancel Your P.M.I. (Private Mortgage Insurance) First, if you have paid down your mortgage to 80% of the original loan, you can call your lending institution and request that the PMI be canceled.
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One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount. So if you paid $250,000 for the home, 80% of that.
Take these measures to get rid of that pesky PMI.. If you can't persuade your lender to drop mortgage insurance, consider refinancing.
Hi all. I was here awhile ago asking if I should refinance to get cash out of the equity to pay off debt. I decided not to go forward with that, but the mortgage broker says I should consider doing a refi just to rid of PMI and lower my payment.
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your best and least expensive alternative is to refinance with another lender who does not require PMI. No matter which of the two methods explained above you use to get rid of your PMI, ask for a PMI.
That’s why Quicken Loans provides options to help clients with conventional loans – including the YOURgage – reduce or eliminate their PMI payments. If your goal is to get the lowest monthly mortgage payment possible, our PMI Advantage program could be right for you.
Refinancing to Get Rid of PMI, While Getting a Lower Rate You might even be able to kill two birds with one stone, by getting rid of PMI while also securing a lower mortgage rate on the new loan. Since you purchased seven years ago, there is a good chance your interest rate is higher than the low rates that are available right now.
Private mortgage insurance is likely to be required on mortgages with an LTV ratio greater than 80%. Avoiding PMI can cut down on your monthly payments and make your home more affordable.
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