How to get rid of mortgage insurance?

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  • December 24, 2023 at 3:45 pm #28641
    Team StellarFi
    Keymaster

    According to federal law, lenders must cancel private mortgage insurance (PMI) on conventional loans either upon reaching the halfway point of the loan term or when the mortgage balance dips to 78% of the purchase price. A PMI is charged only if your down payment is less than 20% of the home price.

    Additionally, Once 20% equity is reached borrowers can request their PMI to be canceled.  

    You can also eliminate PMI by refinancing, getting a reappraisal, and making more payments towards the principal. 

    You can also expand or renovate your home and increase its value.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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