Save Monthly on Your Mortgage by Canceling PMI
If you’re here, reading about PMI (Private Mortgage Insurance) on a real estate appraisal website, our guess is that you want to know to stop paying for PMI on your existing mortgage.
PMI Termination falls into two categories: borrower-initiated termination (you must take action) and automatic termination (when the bank automatically terminates your PMI because you reached the magic number of payments on your mortgage).
About PMI (Private Mortgage Insurance)
PMI is an insurance product you will normally be required to purchase when you put less than 20% down on the purchase of your home. The less you are able to put down, the more your PMI will cost you each month.
Do I Qualify?
If you’ve owned your home for a while, or the real estate market in your area has recently appreciated, the answer