About Private Mortgage Insurance

Sample Letter to Cancel Private Mortgage Insurance

If you’ve reached a LTV ratio of under 80% (i.e. paid off more than 20% of your mortgage) then you are now eligible to get private mortgage insurance cancelled without question. In fact, if you’ve paid off more than 22% the cancellation should be automatic but you can never be too certain (banks are sneaky!). Often, if you have reached 20% your mortgage lender will require you to contact them directly to get the private mortgage insurance cancelled. Sometimes, a phone call will be sufficient but more often than not they will require a written request. Below you will find a sample letter to cancel your private mortgage insurance:

Written Request to Cancel Private Mortgage Insurance

Today’s Date

Lender’s Name
Lender’s Address
City, State ZIP code

Dear [Lender]:

This letter is a written request to cancel private mortgage insurance on loan number #[mortgage loan number] for the property located at [your street address, city, state and zip code] as I believe I have satisfied the requirements for cancellation as written in The Homeowners’ Protection Act of 1998. If I am not eligible for private mortgage insurance cancellation, please contact me with regard to which requirements I have failed to meet for cancelling the private mortgage insurance. I may be reached at [your current mailing address and telephone number] and request that you contact me with the status of my request as well as whether you require further documentation to proceed.

Regards,

Your Name

This entry was posted on Monday, June 12th, 2006 at 8:35 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.