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How To Lower Your Monthly Mortgage Payment
You may be needlessly paying for private mortgage insurance (PMI)
Hundreds millions of dollars are paid each year to private mortgage insurance companies by homeowners who are qualified to cancel their PMI coverage.
You may qualify to cancel your PMI
Many lenders allow cancellation of PMI when your equity reaches 20% (80% loan to value). You can do this by paying down your mortgage balance and/or property value appreciation. You should contact your lender and inquire about exact procedures and requirements to cancel your PMI coverage.
An Appraisal can help
A appraisal may be required by your lender as part of the PMI cancellation process. Call me at 651-470-1113 for a name of a qualified appriaser.
Your PMI cancellation request should be made in writing to your lender.
Ask your lender to indicate in writing the minimal property valuation to qualify to have your PMI canceled.
The lender usually requires an original copy of a recent (less than 180 days) Fannie Mae form 1004.
If the property has been converted from owner-occupied to tenant-occupied, the lender may raise the required equity position to 30% or 40%.
Your lender may also consider your recent payment history when deciding if your PMI coverage can be cancelled.
Your lender may require that one year has passed since the start of the loan. The PMI cancellation process can take several months, so you should start the process as soon as possible.
Some states require lenders to notify homeowners when their equity reaches 20%; however, Minnesota does not.
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