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The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
Refinancing is another way to get rid of PMI. If your lender won't drop the monthly PMI requirement but your LTV is less than 80%, you can likely refinance the loan without PMI. How to Completely ...
Private mortgage insurance (PMI) protects lenders against risk of default on loans to homebuyers. Reducing risk to lenders can mean lower interest rates and better access to credit for borrowers ...
A cash-in refinance can net you a lower rate, make you eligible to drop private mortgage insurance (PMI) and provide you with instant equity. You don’t have to refinance to pay a lump sum ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Eliminate private mortgage insurance (PMI) If your home’s value has increased, increasing your equity stake, you could refinance your conventional loan to get out of paying private mortgage ...
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