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does pmi automatically drop off

by isla_imogen38553 from Houston, Texas. May 26th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info would be needed since each loan product has its own rules and those rules will be different depending on when your loan was originated.. FHA for example now has MI for the life of the loan. But if your loan was originated prior to June of 2013, then the MI was supposed to drop off at 78% of the ORIGINAL appraised value. So without knowing what type of loan you have now, it's impossible to answer your question. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

May 26th 2015
Derick Condron (rightstartoregon)
#31 ranked lender in Oregon - 598 contributions

If it is private mortgage insurance on a conventional file it will typically fall off when you get the loan to value under 78%. It will depend on the mortgage insurance that was placed on the loan at time of conception

May 27th 2015
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Not if it's an FHA Loan.

May 27th 2015
Brad Cahoone (
#90 ranked lender in Texas - 1,042 contributions

Hello Isla. Conventional PMI will fall off when your loan is scheduled to reach 78% Loan to value based on payments. You can have it removed earlier in some cases by speaking with the loan servicer and getting an appraisal. The minimum contract for most MI companies is 2 or 3 years when you have a conventional loan. For FHA on some loans the minimum is 5 years. Other FHA loans are 11 years and some are life of loan. So, you would have to refinance to get rid of Mortgage Insurance on those loans. It depends on when it was originated. If you need any more information I am happy to help. My contact information is below.Brad Cahoone NMLS ID: 184176 - Global Home Finance Inc. NMLS ID: 316441- - 972-724-3222 x227

May 29th 2015
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