How To Get Rid Of Mortgage Insurance

How To Get Rid Of Mortgage Insurance

One of the most popular questions we get, is how do I get rid of my mortgage insurance? For those that don’t know, mortgage insurance, also known as PMI, is a lender’s protection program in the event of a default on the loan.

PMI is required for anyone that cannot put down 20%, which means a lot of us have it! Even if you are looking at a loan program that doesn’t have PMI, you are most likely paying a higher interest rate in order for the lender to cover a potential default. In short, PMI rates depend on the size of your loan, the loan program, the length, and your down payment amount.

Find out how to get rid of PMI no matter what kind of loan you have with this week’s tip!