PMI stands for "Private Mortgage Insurance" and is paid on mortgage loans with a loan-to-value that is greater than 80 per cent. After you gain 20 per cent of your home’s value in equity you can contact Suntrust Mortgage and removing PMI may be a consideration.
One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount. So if you paid $250,000 for the home, 80% of that.
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.
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You can remove PMI after 11 years if you put more than 10% down. The FHA no longer allows borrowers to cancel FHA MIP after the LTV has reached 78%. You can still avoid paying mortgage insurance after you have paid down your loan-to-value to 80% or less, such as refinancing your FHA loan to a conventional loan.
The law generally provides two ways to remove PMI from your home loan: (1) requesting PMI cancellation or (2) automatic or final PMI termination. Request PMI cancellation You have the right to request that your servicer cancel PMI when you have reached the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home.
By adding the $500 surplus to our monthly mortgage payment, we can actually get up to 20% equity and remove PMI after just 25 payments!
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PMI drops off automatically once the loan-to-value ratio reaches 78% based on the value of the property at the time the policy was instituted, says Joe Parsons, senior loan officer for PFS Funding.
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How to Eliminate PMI. A borrower has the right to request cancellation or termination of the PMI policy when he or she has paid down the mortgage balance to the point that it equals 80% of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less.