Real estate blog entries tagged with dropping mi by The First Bexley Bank

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Home : Blogs : Michael Reeve : Michael Reeve's Blog : Tag "dropping mi"

dropping mi: Rules for Dropping Mortgage Insurance (MI, PMI) - 02/11/11 09:04 AM

Dropping Conventional Mortgage Insurance Rules Getting rid of the MI expense is not as easy as you would think. Here are the basics.
Automatic Termination
Fixed Rate & Adjustable - Removed when reduced to 78% LTV LTV based upon ORIGINAL VALUE Based SOLEY on regular amortization (not prepayment of principal) Additional Requirement: Mortgage payment must be current Borrower Requests Termination Fixed & Adjustable - Removed when reduced to 78% LTV Additional Requirements: Submit cancellation request in writing Good payment history Current on mortgage payments Appraisal or Certification that property value has not decreased BELOW the original value No 2nd liens or … (1 comments)

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Michael Reeve

Bexley, OH

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