Two Important Numbers Every Homeowner Should know: 80% and 78%

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Still Paying PMI? Two Numbers Every Homeowner Should Know: 80% and 78%!

If you purchased your home with less than 20% down, you may be paying Private Mortgage Insurance (PMI).

But did you know there are different rules for when PMI can be removed?

80% — Request Cancellation: On many conventional mortgages, you can request PMI cancellation when your loan balance reaches 80% of the property's original value, subject to certain requirements.

78% — Automatic Termination: For many conventional mortgages, PMI must automatically terminate when the loan balance is scheduled to reach 78% of the property's original value, provided your payments are current.

And here's something else worth knowing: Certain conventional loans may also qualify for PMI cancellation based on your home's current market value, without refinancing!

You may have more options than you realize.

If you're unsure whether your mortgage qualifies, I'm happy to help you understand the requirements and, with your authorization, assist in contacting your mortgage servicer.

 For more information Click Here

Robert (Rob) Clark | Home Loan Consultant
Firestone Financial Group
Cell: (209) 227-7745
Cell: (559) 476-9279
rbrtclark53@gmail.com
www.RobertClarkLoans.com

Robert Clark NMLS #357788
Firestone Financial Group NMLS #301522
CA DRE #01148307 | Equal Housing Lender

PMI cancellation and termination are subject to applicable federal law, loan type, investor and servicer guidelines, payment history, and other requirements. Current-value cancellation may require an appraisal or other property valuation. Eligibility is not guaranteed.