Most home owners are amazed to
learn that there are two methods by which Private Mortgage Insurance can be canceled.
In some cases less than a year after purchase.
Yet the overwhelming majority of consumers pay PMI needlessly year after year.
Sometimes until the end of the mortgage term.
New loans created during latter part of 1999 will be given notice of when PMI can be
remove as a result of new federal legislation.
Because nobody told them they didn't have to.
Your Private Mortgage Insurance carrier will not tell you when you can cancel.
Most banks are honest enough to admit that they will not tell you either.
It's your responsibility. So, where do you go to find out?
You could take a week off and research this yourself .
The applicable guidelines are almost impossible to find.
Most university libraries don't have them.
Call or write to your mortgage service department and request an
application to remove it.
Order an appraisal from the Timothy M Poppaw, Appraiser (Southwest Ohio).
You can also check out the comparables sales in your area.
Click here to see some of the companies that have:
Automated Valuation Model Reports or Comparable Sale Reports
PMI Questions and Answers Links
Are you one of the million U.S. homeowners overpaying their mortgage
By Richard Westlund bankrate.com
What is Private Mortgage Insurance?
Can I Cancel Private Mortgage Insurance?
What are the Payment Options for Mortgage Insurance?
How Does Private Mortgage Insurance Differ from FHA
Ending PMI: Frequently asked questions and answers about PMI
Mortgage Insurance - What is it?
Understanding Private Mortgage Insurance
Homebuyer's Fair PMI FAQ
Homebuyer Question & Answers on PMI
Frequently Asked Questions About Private Mortgage Insurance
Private Mortgage Insurance -- How NAR-Supported Legislation Will Help Home
Owners Save Money
Supports PMI Vote By Congress
Passes Legislation Saving Homeowners Hundreds of Dollars
What is PMI?
Scenario: a buyer with a down payment of less than than 20% and PMI defaults
on a loan