How do I find out if I can be done with PMI?

Who do I contact?

How do I find out if I can be done with PMI?

I would think your bank. If you did an FHA loan though, I thought PMI was attack he'd for the life of the loan - I thought that was a fairly new stipulation though so I'm not sure.

We got lucky when we took out our mortgage; they were still allowing the 80/10/10 to be done.

Re: How do I find out if I can be done with PMI?

Definitely contact your bank - it does depend on the type of the loan and when it was issued. FHA loans now require mortgage insurance for the life of the loan. That change occurred in like mid-2013, I believe, but prior to that, the MI could come off the loan after 5 years IF there was enough equity.

With a conventional loan, it is a matter of equity.

But I would contact whoever holds/services your loan to get the specifics for your situation.

How do I find out if I can be done with PMI?

You can contact the bank that holds your loan and they will be able to tell you if/when you can have the pmi removed. I bought in December 09 and to remove pmi from my fha loan I needed to pay 5 years and have paid down 22% of my mortgage. Hope this helps!

How do I find out if I can be done with PMI?

If you have pmi and less than 5 years you can refi your house if it appraises. We refinanced at the 4 year mark, got rid of pmi, and were able to move to a 20 instead of 30 year mortgage

How do I find out if I can be done with PMI?

Call your bank, we were able to remove ours after 2 years without ReFi. Between the upgrades we did and the increase in values in our area, our home reappraised very well and we now have 35% equity in our home. Only fees we paid were appraisal (~$425). Good luck!