Private mortgage insurance (PMI) is required for conventional loans if you have a down payment of less than 20%. Lenders or loan servicers automatically cancel PMI when your loan balance falls to ...

Here are some of the best strategies Americans can use to cut costs if they’re facing high mortgage interest rates.

The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, ...

So, how does one dump their mortgage insurance? The answer depends on the type of loan. VA and USDA loans don’t have mortgage ...

Once mortgage insurance is removed, your monthly mortgage payment will decrease. MIPs range in cost from 0.15 percent to 0.75 percent of your loan principal, depending on how much you borrowed and ...

How To Remove FHA Mortgage Insurance. Under some circumstances, you can remove MIP from your monthly payments, and there are two main ways to go about this: MIP cancellation and refinancing.

If you had gone with a borrower paid PMI (PMI is itemized on your billing statement) for roughly the same cost, you’d end up with a $166 monthly mortgage insurance payment at a 6.5% interest ...

How to avoid private mortgage insurance. Even if you can’t afford a 20% down payment, there are several ways to avoid PMI. One option is lender-paid PMI, ...

PMI protects the lender if you default on your mortgage. You may be required to pay for it if your down payment is less than 20%.

If you bought your home using conventional financing, putting less than 20% down, you undoubtedly had to purchase private mortgage insurance or PMI. Skip to content. All Sections.