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You may be able to get rid of PMI earlier by asking the mortgage servicer, in writing, to drop PMI once your mortgage balance reaches 80% of the home’s value at the time you bought it.
Private Mortgage Insurance, or PMI, is the insurance you pay on low down payment mortgages. It protects lenders and investors from defaults on a mortgage loan. Typically, you have to have mortgage insurance if you have a down payment of less than 20% of your home’s purchase price.
I have never paid PMI on my home. They closing costs are listed at around $6000 which seems high to me and yet the final cost of the mortgage they are proposing is $10,000 more than I currently owe..
The good news is that there are several ways to get rid of PMI. Private mortgage insurance is all about protecting a lender from loss in the case of foreclosure. Once you own 20% equity in your home, the risk to the lender is low enough that they allow you to cancel the PMI.
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On average, homeowners with PMI make payments for 5 1/2 years before the insurance ends, according to U.S. Mortgage Insurers, a Washington D.C.-based industry group. PMI is the only type of lender protection that you can escape.
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Private mortgage insurance provides your lender 10 percent of the cost of the loan should you default on the mortgage. The lender rolls the cost of the PMI into your loan, increasing your monthly mortgage payment. You cannot negotiate the rate of your PMI, but there are other ways to lower or eliminate PMI from your monthly payment.