2 Thoughts on Can I lower my PMI (private mortgage insurance) with a 5 yr flawless payment history?
  1. Reply
    Lisa
    May 27, 2013 at 8:22 am

    You may be able to do even better. If your house may appraise at higher than the original loan value, you may be able to refinance and eliminate PMI altogether (if your home can appraise high enough). Try speaking to a bank other than you finance through (they may not tell you the truth, as they don’t want to lose any of your money)

  2. Reply
    GuitarGeorge
    May 27, 2013 at 8:44 am

    Under HPA (The Homeowner’s Protection Act of 1998), you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.

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