How Do I Cancel Private Mortgage Insurance

by Vicki from USA

Ask Kate: How Do I Cancel Private Mortgage Insurance? Is PMI based on original loan appraisal value or lower refinanced? I took out a mortgage on the appraised value of my home of $175,000 in 2007.

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Earlier in 2009, I refinanced, but with the declining market, the appraised value was less at 170K. I think I am close to paying down to 20% to get the PMI off my mortgage.

My question is: do I go by the original value of 175 K or the refinanced value of 170 K in order to figure out how low I have to pay down to get rid of the PMI? Thanks! --Vicki

Kate Answers: How Do I Cancel Private Mortgage Insurance

Hi Vicki, Before I address the confusion over private mortgage insurance cancellation, I'd like to say this business of getting rid of PMI is altogether too complicated. But until the system is changed, this is what we've got to work with.

Keeping that in mind, you can guess how many PMI questions I receive at Ask Kate. In fact, the category of private mortgage insurance rivals mortgage rate lock questions.

Take for instance, Janet who is looking for PMI refinancing advice. And Shelly with private mortgage insurance questions.

Another one of my visitors, Bigbear, asked about PMI calculation.

Then there's Homeowner Wishing For No More PMI who wanted to know how can appraised value get rid of PMI.

But back to your questions Vicki: How Do I Cancel Private Mortgage Insurance? Is PMI based on original loan appraisal value or lower refinanced? The answer to your questions is found at How Do I Cancel PMI.

At the bottom of this page is a list of other articles on my website, a central location for dependable answers to unique PMI coverage and removal questions.

Take a moment to bookmark How Do I Cancel Private Mortgage Insurance to your favorites so can easily return in the future.

Vicki, please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!

Best Wishes,

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You can also ask Kate about your mortgage at Ask Kate About Buying a House.

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