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| When can I cancel private mortgage insurance? By The-Adviser.com - |
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Private mortgage insurance (PMI) provides insurance to the lender when a borrower does not
pay off a mortgage. It is typically required when a borrower puts up less than 20 percent
of a home's purchase price. In general, PMI can be cancelled as follows:
If you have changed your house to an investment property (rental income), be careful. The bank may consider your house an investment property and not a home. The standard for eliminating PMI on investment property is generally higher than on primary residences. Investment properties generally require PMI if equity stakes are lower than 35%. The Independent Adviser Corporation is a 100% Independent and 100% Objective Financial Advisory Firm that writes buy-side investment research. Our network of independent Fee-Only Financial Advisers serves individuals, families and businesses. They provide financial planning services, tax advice and offer professionally managed asset accounts. They do not underwrite corporate securities nor do they sell any proprietary products. To find out more or get a FREE consultation Ask The-Adviser.com.
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A Financial Adviser can help you review your equity value to determine whether or not you can cancel PMI. Got an investment question?
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