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Oct. 21, 2007
How do I go about getting rid of my private mortgage insurance (PMI)?
Lena, Massachusetts
Dear Lena,
You'll want to read our story, "Private mortgage insurance: Getting the extra payment off your back is no easy trick."
New legislation that makes it easier for homeowners to cancel their PMI applies to folks who took out their mortgages on or after July 29, 2007.
You probably took out your mortgage before the law took effect, but give your mortgageholder a call to see when you can stop paying. Twenty percent is usually the magic number because lenders contend that homeowners with less equity than that are more likely to default on their loans.
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Disclaimer: We are journalists, not financial planners or insurance brokers. Nothing we say should be interpreted as a recommendation to buy or sell any insurance product, or to provide other financial or legal advice. |
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