I am writing to request the cancellation of the private mortgage insurance (PMI) policy attached to my mortgage. As you are aware, Federal law allows for the cancellation of PMI when certain LTV ratios are met through the normal amortization of a mortgage, or amortization coupled with market appreciation.
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How to Cancel FHA Mortgage Insurance. The Federal Housing Administration typically requires borrowers to pay for mortgage insurance, which protects the lender should the borrower default on his home loan, in two ways: an upfront mortgage insurance payment equal to one percent of the loan amount and an ongoing annual mortgage insurance premium equal.
The requirements for removing your mortgage insurance premium (MIP) or private mortgage insurance (PMI) depend on your loan. Keep in mind the best way to figure out when you can remove your mortgage insurance is to call us. Here are some general guidelines. Canceling MIP on FHA loans
FHA mortgage insurance premiums are now permanent for most mortgages, but it may be possible to cancel MIP on your FHA mortgage depending on when your most recent FHA loan was originated. For FHA loans made prior to June 3 rd , 2013 there is a set of timeframes for when MIP’s will be eliminated from your FHA mortgage.
Refinance To Cancel Your Private Mortgage Insurance If you fail to meet the 20% down payment for the loan, a lender will require you to get a private mortgage insurance (PMI). A PMI protects the lender in cases where the borrower defaults on the loan and puts the property to foreclosure.
The following FHA insurance premium cancellation rules apply to FHA mortgages closed after December 31, 2000 but before June 3, 2013. FHA’s annual mortgage insurance premiums are automatically canceled once the unpaid principal balance, excluding the upfront premium, reaches 78% of the lower of the initial sales price or initial appraised value.
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FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment. 2019 MIP Rates for FHA Loans Over 15 Years If you take out a typical 30-year mortgage or anything greater than 15 years, your annual mortgage insurance premium will be as follows: