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Dorchester Center, MA 02124
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Save Money by Cancelling Your Private Mortgage Insurance (PMI)
Eliminating your private mortgage insurance (PMI) can lead to significant savings, and there’s no downside. PMI only protects your lender, while your homeowners insurance safeguards you. The sooner you cancel PMI, the more you save. Here are five strategies to consider:
1. Wait for Automatic Cancellation
The federal Homeowners Protection Act of 1998 mandates that your loan servicer must automatically cancel your PMI once you reach 22% equity in your home. This is also noted as the point when your principal balance is 78% of the home’s original value. Additionally, loan servicers must cancel your PMI the month after you are scheduled to be halfway through your loan term, such as 15 years into a 30-year mortgage. This final termination occurs even if you don’t have 22% equity, provided you are current on your mortgage payments.
2. Request Early PMI Cancellation
You can request your loan servicer to cancel your PMI once you have 20% equity based on the home’s original value. To qualify, you must have a good payment history and be current on your payments. You may also need to get an appraisal, and the lender might deny your request if the home’s value has decreased since purchase.
3. Make Extra Mortgage Payments
Paying down your mortgage early can help you reach 20% equity faster. Some homeowners achieve this by making one large payment after saving up, or by adopting a biweekly payment schedule, which results in two extra payments each year.
4. Increase Your Home’s Value and Get an Appraisal
If your home’s value has increased due to rising market prices or home improvements, you might have over 20% equity. Contact your loan servicer to see if they will cancel your PMI based on the current value, though you may need to pay for an appraisal.
5. Refinance Your Mortgage
Refinancing your mortgage is another option. Whether you need to pay PMI on the new loan depends on your home’s current value and the new mortgage’s principal balance. You can likely eliminate PMI if your equity is at least 20% and you avoid a cash-out refinance. Some lenders offer PMI-free mortgages with lender-paid private mortgage insurance (LPMI), but these often come with higher interest rates.
Check Your Credit and Be Prepared
Removing PMI can lower your monthly costs, and you may still access your home equity with a home equity loan or line of credit. Your credit history and scores, along with your income, current debts, and home value, can impact your options. Check your Experian credit report for free, which includes free credit monitoring. Monitoring your FICO® Score based on your Experian credit report can help you estimate potential interest rates for refinancing or opening a home equity loan or line of credit.
For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your options and save money.
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