Short Answer
PMI or MIP removal means stopping mortgage insurance payments once your loan meets specific eligibility 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 meets required limits and payment history standards.
- MIP applies to FHA loans and may be required for 11 years or for the life of the loan.
Removing mortgage insurance lowers your monthly payment but does not:
- Change ownership of your home
- Change your responsibility to repay the loan
- Change 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 requirements for your loan and provide instructions if a written request is needed.
Important Dates, Fees, or Risks
- Not all mortgage insurance is removable.
- Some loans require refinancing to eliminate mortgage insurance.
- Approval depends on loan type, balance, and payment history.
Contact Us If
- You’re unsure what type of mortgage insurance you have
- You have questions about how removal would affect your payment
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