Forgotten Your Password?

Need to Register?

Question Icon

Is it possible to get rid of PMI by refinancing?

What are the steps in doing that? Do we need to go thru our current lender or we can go with anybody? What should be our minimum equity position in our house? ANy help is appreciated. by jameshinfer409 from Sacramento, California. Dec 31st 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,516 contributions

It depends on what type of loan you have... For most loans, if you believe you are at 80% loan-to-value or better, simply contact your lender and ask the procedure. Many times this involves you paying for an appraisal. Other times it doesn't. Some loans, the only way to get rid of it is with a full refinance of the loan.

Dec 31st 2014
0
0
Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

If you have a least 20% equity, based on the purchase price, and it is a conventional loan, all you have to do is notify your lender in writing.

Dec 31st 2014
0
0
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

IF by any chance that you have a FHA loan,, you can not remove the MI INSURANCE ..

Jan 1st 2015
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

If removing the PMI through your current loan servicer is not an option, definitely contact another experienced lender to discuss your options. Even if you don't have 20% equity in many cases it is possible to eliminate the monthly PMI payment and save you month. Any refinance needs to be of benefit to you.

Jan 2nd 2015
0
0
Jason Vondrak (jvondrak)
#2 ranked lender in California - 1,713 contributions

You can refinance your home to eliminate PMI with any lender. You will be required to have at least 20 percent equity in the home to eliminate PMI.

Jan 2nd 2015
0
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

It depends. If you have a conventional loan and the right amount of equity or the ability to buy out of the mortgage insurance as a one time fee at closing. If you have a current FHA loan you would have to refinance into a conventional loan. Contact a local loan officer and have them present you all of your loan options. Best wishes, Sean

Jan 4th 2015
0
0
Subscribe to our news feed.