How to Remove PMI or MIP – Mortgage Insurance Premium- Here’s how to remove your PMI. I’ll talk about 3 easy steps to get your PMI removed from your mortgage and save you lots of money.
1. Check your Promissory Note to see if the terms on the loan allow you to remove PMI or MIP. Either 2, 3, 4, 5 years from the date of loan issued to you. Call your lender to confirm and ask for instruction of documents to send in.
2. After confirmed with your lender, usually lender will have you pay for an appraisal report and mail it into your lender along with a letter requesting PMI to be removed, plus any other documents they need. -The value of your home must be 80/20 LTV- contact Tina Binh Pham if you need more explanation on this.
3. Or the only other option is to refinance to a conventional loan. Check with your loan officer if the value of your home can allow you to do that.
Tina Binh Pham, Broker Realty Results Cal BRE #01200405
Realtor®| GRI Graduate Realtor® Institute
CPRES Certified Probate Real Estate Specialist
CHS Certified HAFA Short Sale
AWARDS – Grand Master, Master
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Category: Real Estate
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