How to Get Rid of Private Mortgage Insurance (PMI) on an Existing Loan?

Answer 1

Option 1 is to refi the loan and hopefully there is some unrealized appreciation on the house that lower your LTV to 80%, if not you can try a combo loan like an 80/10 or 80/15, basically just getting a 2nd mortgage to follow the first lien.

Option 2 is to request an appraisal done by your lender (they will only accept an appraisal ordered by them) and hopefully you have more than enough equity for an ltv of 80% or below

Option 3 Pay down your mortgage to 78% ltv (the amount they most drop your PMI at, by law) 80% is only at the time of the refi or purchase.

Option 4 take out a small 2nd or heloc and pay down your first mortgage with some of the proceeds.

Of course you PMI being dropped off early depends on the timeliness of your payments.

Answer 2

some of the answers above are right on, some -well.
PMI is required so the banks win if you lose.
best way to get rid of PMI is to get 2 more jobs, work till you can't and then do it some more. now with the money pay down on your principal when principal equals 78% or less of loan the bank/mortgage company will stop PMI.
you must contact the company to keep them on their toes.
do not take a loan to get rid of PMI, you will lose. 80/15% loans are pushing foreclosures.

Answer 3

There are three ways to get rid of pmi, you can make payments so that your balance is under 80% of the value of your home, If your homes value has appreciated to where what you owe is 80% or less the value you of your home, you can get an appraisal and contact your current company, or if you know you owe more than 80% you can get a loan that will split it into an amount where the first mortgage will be below 80%. You can log onto http://www.justgetaloan.net and you can get more information. Also I can be contacted directly at 866 530 7300 et 7305 or by email at jfreeman@justgetaloan,net

Answer 4

all you have to do, is apply for a simple change in RATE/TERM Refi. You will not be cashing out because you want to keep the equity in the house. this is one of the simplest, easiest, fastest, loans to do. i can put you with a lender, that i work with regularly, who will do up to 100% LTV. with NO MORTGAGE INSURANCE, i know it sounds crazy, and you might think that the rate would be much higher because of this, but it's actually a very good trade off. i can close this in 1 week, if everything is smooth(it usually is) and if you have evrything you need, and i can get started on it right away.
call me for a no obligation consultation, i will, take your info, and put a loan together for you, if you liek it we can move forward, if you dont like it, then thats ok, because i never took any money from you, so there is no pressure on you to commit.
203-729-8900 x-111, ask for david powell, or call me on my cell phone [phone]. i am confident that i can help you, i look forward to working with you. i want you as a client, lets get started.

Answer 5

Pay off your loan under 80% loan to value or refinance with an 80/20. In some instances, you might be better off (monthly payment wise) to keep what you have. Contact a mortgage broker and have them take a look at your situation. They should be able to tell you what your payments and interest rate(s) would be for a variety of loan programs.

Visit us online at www.MortgagePlusUSA.com for more information, or for a great mortgage broker.

Answer 6

Get your balance below 80% loan to value and then request it from your lender. They'll drop it like it's hot.

Answer 7

Make an unscheduled payment of the principal to bring the LTV to 80%......

Answer 8

if you have the 20% equity; refinance or get an appraisal (if it's been 12 months.

Answer 9

there are regulations that require your lender to allow you to drop out once you have achieved enough equity. all you have to do is contact the lender and request out.

Answer 10

I can tell you how. cjkloanguy at yahoo com

no spaces of course. talk to you soon