Posted on: 09th Feb, 2012 05:08 pm
My house is appraised at 187K, my loan was for 156K, and I owe 133K!!! When should the PMI go away?????
Hi rmrab,
As far as I know, PMI can usually be canceled after your home's value has risen enough to give you 20 to 25% equity in your house. So, you should check out whether or not there is around 20% - 25% equity in your property. Then you can contact the required person and apply for a PMI cancellation.
As far as I know, PMI can usually be canceled after your home's value has risen enough to give you 20 to 25% equity in your house. So, you should check out whether or not there is around 20% - 25% equity in your property. Then you can contact the required person and apply for a PMI cancellation.
The Homeowner's Protection Act doesn't establish a seasoning requirement, but your loan documents may have established that two-year minimum. In this case, the seasoning requirement, if it exists, would be spelled out in your loan documents. Your lender should be able to tell you if this is the case and provide you with a copy of the requirement.
if the loan is fha..... there is a 5yr minimum
Thanks for sharing the information!!