Final Termination of PMI
The Homeowner’s Protection Act of 1998 also has one other way to get your private mortgage insurance cancelled even if you haven’t reached a LTV of 80% (or 78%), when you’ve reached the chronological midway point of your mortgage loan then your PMI will be automatically cancelled. So on a 30 year loan, after 180 payments and if you’re current on your payments, then PMI coverage is supposed to be terminated.
If you haven’t reached 80% LTV on your home after half of your mortgage payments, there is something seriously seriously wrong.
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