It can be called Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP). What is mortgage insurance? If you’re required to carry PMI, we’ll cancel it automatically on the date your loan-to-value (LTV) ratio is scheduled to reach 78%.

Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.

If you’re currently paying PMI (private mortgage insurance), you can remove it if your new loan doesn’t exceed 80% of your home’s value. What are the cons? It’s important to choose your home improvements wisely when you do a cash-out refinance.

A verification of mortgage (VOM) is an official statement that verifies your existing loan terms and provides a rating of the payment history, including if the loan was current or delinquent for each month listed. It reflects only the most recent 12 months of your loan, exclu...

It can be called Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP). Removing PMI. If you’re required to carry PMI, we’ll cancel it automatically on the date your loan-to-value (LTV) ratio i...

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

It can be called Private Mortgage Insurance ( PMI) or Mortgage Insurance Premium (MIP). Removing PMI If you’re required to carry PMI, we’ll cancel it automatically on the date your loan-to-value (LTV) ratio is...

It can be called Private Mortgage Insurance ( PMI) or MortgageInsurance Premium ( MIP ). ... including how you may be able to eliminate PMI alt... What is mortgage insurance ( PMI / MIP) and how to request removal .

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

If you’re currently paying PMI (private mortgage insurance), you can remove it if your new loan doesn’t exceed 80% of your home’s value. What are the cons? It’s important to choose your home improvements wisely when you do a cash-out refinance.