Stop Your Private Mortgage Insurance Payments
Private Mortgage Insurance
After a mortgage holder has a certain amount of equity in their home then they can request that the lender quit charging them PMI. This equity amount is usually 20-22% of the home’s value.
The home’s value is not necessarily what you paid for the home. The value would be based on a current appraisal ordered by the mortgage holder.
If you have made home improvements that have increased the value of your home then you may have more equity in your home than you think.
It is up to you to request the lender terminate your PMI payments. So, keep up with the value of your home and the balance of your mortgage due. Usually you will be required to pay for the appraisal ordered by the lender to determine the current value of your home.
The amount of money that you will save over the life of the loan will be a signafient amount of money.