Comments on: Getting Rid of PMI http://www.aboutpmi.com/getting-rid-of-pmi.html Your Guide to Understanding PMI Wed, 03 Dec 2008 23:03:50 +0000 http://wordpress.org/?v=2.6.5 By: jim http://www.aboutpmi.com/getting-rid-of-pmi.html#comment-12 jim Sat, 18 Nov 2006 07:57:23 +0000 http://www.aboutpmi.com/getting-rid-of-pmi.html#comment-12 From what I can tell, the Homeowner's Protection Act of 1998 makes mention of a minimum time period. The mortgage insurance shouldn't be part of a mortgage agreement because it's merely an insurance policy on the mortgage itself (hence it being called mortgage insurance). I would request the terms for canceling PMI from your lender (the bank that holds your mortgage, not a mortgage broker) and then working from there. Unfortunately, all the government websites I can find make no mention of a minimum time limit but I have heard of them before (from unofficial sources). Good luck! From what I can tell, the Homeowner’s Protection Act of 1998 makes mention of a minimum time period. The mortgage insurance shouldn’t be part of a mortgage agreement because it’s merely an insurance policy on the mortgage itself (hence it being called mortgage insurance). I would request the terms for canceling PMI from your lender (the bank that holds your mortgage, not a mortgage broker) and then working from there.

Unfortunately, all the government websites I can find make no mention of a minimum time limit but I have heard of them before (from unofficial sources). Good luck!

]]> By: Ann http://www.aboutpmi.com/getting-rid-of-pmi.html#comment-11 Ann Sat, 18 Nov 2006 02:58:01 +0000 http://www.aboutpmi.com/getting-rid-of-pmi.html#comment-11 My spouse and I have paid down our $160,000 mortgage to $124,000 in the first 15 months of our 30 year mortgage. This corresponds to LTV less than 78%. We requested termination of PMI to our mortgage broker verbally and in writing. His response on our answering machine is that the "RULE" is that we must wait 24 months from the origination of the mortgage, before making the request. At that time we must purchase an appraisal and then the request will be considered. Does the Homeowner's Protection Act of 1998 allow this manatory 24 month waiting period? Or can this stipulation LEGALLY be written into a mortgage agreement? If anyone can direct us to a government or other reputable website on this matter, we would greatly appreciate it. Thanks in advance! My spouse and I have paid down our $160,000 mortgage to $124,000 in the first 15 months of our 30 year mortgage. This corresponds to LTV less than 78%. We requested termination of PMI to our mortgage broker verbally and in writing. His response on our answering machine is that the “RULE” is that we must wait 24 months from the origination of the mortgage, before making the request. At that time we must purchase an appraisal and then the request will be considered.

Does the Homeowner’s Protection Act of 1998 allow this manatory 24 month waiting period? Or can this stipulation LEGALLY be written into a mortgage agreement?

If anyone can direct us to a government or other reputable website on this matter, we would greatly appreciate it. Thanks in advance!

]]> By: Mighty Bargain Hunter » Carnival of Personal Finance #54 http://www.aboutpmi.com/getting-rid-of-pmi.html#comment-10 Mighty Bargain Hunter » Carnival of Personal Finance #54 Fri, 30 Jun 2006 15:43:29 +0000 http://www.aboutpmi.com/getting-rid-of-pmi.html#comment-10 [...] Get rid of that pesky private mortgage insurance the About PMI way. [...] [...] Get rid of that pesky private mortgage insurance the About PMI way. [...]

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