The FHA rules that were in effect at the time of your loan allow you to cancel mortgage insurance without refinancing by paying your mortgage down to 78% of the purchase price or appraised value at the time your loan was made. FHA loans longer than 15 years with case numbers after 6/3/13 will have mortgage insurance for the life of the loan.
FHA’s premiums on most loans continue for the life of the mortgage. That add-on to principal stays with you for years beyond the date you’d be able to cancel your private insurance payments, which in.
Translation: You can cancel the PMI on your Fannie Mae mortgage even before you’ve paid down very much — if home-price appreciation in your area has been strong. If you put 10 percent down for your purchase a year ago, and home prices are rising quickly, you might reach the cancellation point faster than you might think.
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Mortgage rates continue to drop.. Obama administration officials had set the new mortgage insurance premium for FHA loans at 0.60 percent, effective Jan.. For example, monthly FHA mortgage insurance rates have changed five times.
FHA mortgage insurance increases your monthly payments, Previously, the FHA automatically cancelled the premium when the loan balance reached 78.
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Seasoned buyers, first-time buyers and refinancers will all be eligible toward the end of January to benefit from President Obama’s Thursday announcement that the FHA is going to chop 0.5 percentage.
So the easiest way to cancel private mortgage insurance is just to wait for it to happen on its own. But you can also request your PMI be cancelled a little sooner, at 20 percent equity. Because mortgage insurance companies like MGIC insure the lender, you must ask your lender (not the mortgage insurance company) to request cancellation.
7 Ways to Cancel Your P.M.I. (Private Mortgage Insurance) – With FHA loans you may have to have had the loan for at least 5 years and have.
To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent of the home’s original appraised value. When the balance drops to 78 percent, the mortgage servicer is required to eliminate PMI.