Posted on: 18th Jun, 2009 12:32 pm
I am current on my mortgage. I purchased my home March of 08 and I have a 7.5 interest rate. I did not put 5% down so I have PMI but its called TAMI which gave me a higher interest rate. I am told by my mortgage company GMAC that I do not qualify for any help because of the PMI, is this true?
How much is your home worth today and what is your loan balance?
It may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount - below 75% to 80% of the property value. The law in certain states requires that mortgage insurance be cancelled under some circumstances. But because of the wide variation in lender, investor and state requirements, it is necessary to find out the specific requirements for cancellation before you commit to paying for mortgage insurance.
