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When can I get rid of my PMI mortgage insurance? I feel ...
Sent to Legal Experts September 04 07:27 AM

When can I get rid of my PMI mortgage insurance? I feel like i'm throwing money away!

 

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evansville, Indiana

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calling mortgage company...the customer service reps seem to have no idea what PMI even is

Customer (name blocked for privacy)
Status:  Closed   Value: $9
Answer
September 4 9:01 AM (1 hour and 34 minutes and 16 seconds later)
         
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Customer (name blocked for privacy),

And you are. PMI will normally go away when you have 20% equity in the home. But you have to ask to have it removed. You may also have to have an appraisal done on the property showing that you have the equity needed. There are some refinance options that can be done to get rid of PMI. 80% first mortgage 15% second and 5% down. The way the numbers work out, allot of times the second mortgage's monthly payment is lower then the PMI payment. Hope this helps. If so, please use the green ACCEPT button. Thanks for using Just answer.

Jon

Jon -- Police or Detective -- 100% Positive Feedback on 368 Legal Accepts
Certified Police Officer 22 yrs, Certified Polygraph Examinator, Detective 15 yrs
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