Short Answer
PMI or MIP removal means stopping mortgage insurance payments once your loan meets certain requirements.
What’s Happening
You may have gained enough equity in your home to qualify for mortgage insurance removal. The rules depend on your loan type.
What It Means for You
- PMI applies to most conventional loans and may be removed once your loan balance reaches certain limits and you meet payment history requirements.
- MIP applies to FHA loans and may be required for 11 years or the life of the loan, depending on when the loan started and your original down payment.
Removing mortgage insurance lowers your monthly payment but does not change:
- Ownership of your home
- Your responsibility to repay the mortgage
- Who is authorized to discuss your account
What You Should Do Next
Contact us to request a mortgage insurance eligibility review. We will explain the specific requirements for your loan and provide instructions if a written request is needed.
For full details, see What Are the Requirements to Remove Mortgage Insurance?
Important Information
- Not all mortgage insurance is removable.
- Some loans require refinancing to eliminate mortgage insurance.
- Approval depends on your loan type, balance, and payment history.
Contact Us If
- You’re unsure what type of mortgage insurance you have
- You want to check eligibility
- You have questions about how removal would affect your payment
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