PMI can be removed from a loan under certain circumstances: Situation 1PMI may be canceled at the borrower's request if:
Write to the current loan servicer requesting that the PMI be cancelled. The loan servicer must respond to the request within 30 days of receipt of the request. Situation 2PMI will be automatically cancelled by the loan servicer (unless the loan has been classified as a high risk loan) if:
PMI may be cancelled due to the build-up of equity through appreciation. This may be an option if:
The best approach under this situation is to contact the current loan servicer and request the specific guidelines for canceling PMI. For more information consult a licensed mortgage loan officer. |