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Blair3699

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How do you get rid of paying PMI on your mortgage

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PMI is insurance to make sure your lender doesn't lose should you default on the loan.  You will have to pay that for some time now, and your lender may be able to tell you when it could be discontinued.  It just won't be soon.  I know.  Been there.

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Blair3699

Check the current laws, but the law used to be that if you owned more than 20% of your house, they couldnt make you pay it.  Maybe that was just a California thing and this was about 20 years ago.  I remember I made them drop it after I paid off a certain amount.  They argued and blustered, but ultimately caved because I told them I had more than 20% equity.  Defining the equity may be an issue.  I just did it with cash so they had no argument.

I bought a house last year and used VA.  If that is an option to you to finance or refi then you will pay for that but it will get rid of PMI because they are backing the loan.  Just pay the VA fee up front or it will end up getting rolled into the mortage and you will be paying interest on it and there goes more money down the drain.

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Is it true that after 5 years of paying the mortgage you can request the bank to remove PMI?

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