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Frequently Asked Questions

How to get rid of PMI?

Refinancing is the only option for getting rid of PMI on most government-backed loans, such as FHA loans. You’ll have to refinance from a government-backed loan to a conventional mortgage to get rid of PMI. And the rule for the new mortgage’s value compared to your home’s value still holds true. Prove that the Value of Your Home Has Risen

How much is PMI calculator?

According to Calculator Pro’s Private Mortgage Insurance (PMI) Calculator, you will pay $125 each month for private mortgage insurance. This is based upon your loan-to-value ratio, which is 80 percent. Let’s try another example as follows: Loan Amount: $500,000

How soon can I cancel PMI?

However, to cancel PMI earlier based on appraised value, the lender may require borrowers to wait two to five years. This is referred to as “seasoning” of the loan, and it is designed to ensure that your loan has been in good standing for a reasonable amount of time before canceling PMI.

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