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getting pmi removed automatic or?

do i need to request cancelling my pmi? i'm at the first payment after reaching 80% LTV and it's the same. by banjocrato78462187 from Sandy, Utah. Oct 30th 2014 Reply


Linda Miller (Linda Miller)
#2 ranked lender in Utah - 562 contributions

The actual LTV is 78% but it doesn't hurt to call your lender and find out the process for removing the PMI. Good Luck... Linda Miller - linda@lindamillergroup.com

Oct 30th 2014
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

By law, the lender is obligated to terminate the private mortgage insurance when your loan to value reaches 78%. They can also terminate pmi if your loan to value is at 80% and you call to ask for it to be removed ;) Not many people know this, but if your home has increased in value, you can also talk to your lender about dropping the pmi early (an appraisal might be necessary in that situation). That is probably a little late for your particular situation, but it helps to know in the future.

Oct 30th 2014
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I'm just going to repeat what was already said. 78% LTV is when it is required to be dropped off automatically. If you request it at 80%, it will be removed, but it requires them to review your loan balance and remove it manually. That generally saves you about 6 months of MI payments. It should be noted, though, this is for conventional loans. FHA loans may require you to maintain mortgage insurance for a longer period of time.

Oct 30th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Every one has given good answers. Follow their advice.

Oct 31st 2014
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Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

Yes it will drop off at 78% per guideline and the timing in the payment schedule. You should contact your lender to ensure that it's dropped. If value has increased then you may be able to get it removed before you hit 78%, but an appraisal could be required as other stated.

Oct 31st 2014
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