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December 24, 2023 at 3:39 pm #28608
Geoff Massanek
ModeratorDecember 24, 2023 at 3:45 pm #28641Team StellarFi
KeymasterAccording 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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