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1. request pmi cancellation when the amount of your mortgage falls to 80 percent or less of the original purchase price. You must be current on your payments and have a good payment history, have no second liens on the property, and may be required to provide certification (usually an appraisal).
To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent.
PMI companies put these into standard tables, showing rates for various percentage loans on different terms. Let’s say you have a $150,000 mortgage that is 95 percent of the house value. According to one standard PMI table, on a 30-year fixed rate mortgage, that would give you a PMI rate of .78 per thousand.
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If you put less than 20% down on a home mortgage, lenders often require you to have private mortgage insurance (pmi). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998-effective since 1999-establishes rules for automatic termination and borrower cancellation of PMI on home mortgages.
Private mortgage insurance is an actual insurance policy issued by an insurance company that benefits your lender. If your home goes into foreclosure and the lender is not able to recoup the outstanding balance by selling the home, the insurance company that issued your PMI will pay the lender the difference.