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How to Get Rid of PMI


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If you were unfortunate enough to not have sufficient funding for a large down payment when you purchased your property, and you were forced to finance eighty percent or more of the cost, you were then required to have a PMI. PMI, private mortgage insurance, is a policy that protects the lender if you were to default on your loan. Your costs for this could be anywhere from ten to two hundred dollars or more, depending on the amount of your mortgage.


If you are someone who is saddled with these payments, in many cases you are able to get relief from this monthly burden by seeking refuge in the Homeowner's Protection Act of 1998. Congress passed this measure so that homeowner's, once the loan balance in their homes has passed eighty percent, may petition the mortgage lender to remove the requirement and its cost. If the percentage drops to seventy-eight percent the mortgage company must automatically remove the PMI that is in place.


The only stipulation that would be in effect, that may cause you to be denied, is if you were not consistent or up-to-date with your loan's repayment schedule. As always, being delinquent effects your credit rating and you will suffer for being a loan risk. If this has happened to you, you must first restore your credit and then wait until the loan period is shortened to half its life and then petition the lender a second time. As you can see, good credit is of benefit to you, not only when you are seeking financing, but throughout the life of your loan.


Arm Yourself With the Following Knowledge, Examine Your Situation Closely and You May Be Able to Stop Making PMI Payments, and Save Yourself Some Cash Every Month.

  1. As we told you in the previous section if the LTV, or loan to value ratio, is in your favor you will qualify for the PMI relief. Homes appreciate in value at different rates, and for different reasons, depending on where they are located and what you may have done to improve them. In some cases, a shortage of available homes (supply and demand) on the market will increase the value of your property, and in other cases it may be because the neighborhood on the whole has become a more desirable place to live. If you were able to make improvements on your home, that did not require further financing, you will also stand to gain from the appreciation of the home's value.
  2. If your loan is for a shorter period of time, than a standard thirty-year loan, you will be paying off your debt much faster than if it wasn't. If that's the case, your LTV will reach the eighty-percent level much faster than those who do not have a short amortization schedule.
  3. If you were able to make additional payments to your loan and bring down the balance faster than the amortization schedule originally set you will also have reached the eighty-percent level faster and, again, be eligible to take advantage of the Homeowner's Protection Act
 
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