by Erlvin
(Kalamazoo, MI)
Regarding the Homeowner's Protection Act of 1998: Hi Kate! I have been making additional mortgage payments to reduce my principal balance. Scheduled 78% LTV (loan to value) date is 07/01/09 even though my mortgage balance is showing a lower LTV currently at 76%.
Anyway, I asked my lender about the automatic termination of PMI upon reaching 78% loan to value and they said that because I made additional payments to reduce my balance ahead of time I am not qualified to automatic termination of PMI.
Is that right? Please advise, Thank You.


What Is PMI | How Do Lenders Calculate PMI
How Do I Cancel PMI | PMI Refinancing Advice
PMI Decision Making | FHA Refunds For Mortgage Insurance
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