Private Mortgage Insurance or PMI for Kentucky Mortgages


Step by Step Guide to PrivateMI Cancellation

STEP 1

Answer these simple questions to see if you might qualify for PrivateMI cancellation:

  • Have I paid down my mortgage to 80% LTV?
  • Have I made structural improvements that will increase the value of my home?
  • Have homes in my neighborhood appreciated significantly in value?

If you answer ‘yes’ to any of these questions, you may be able to cancel your PrivateMI.

STEP 2

Gather basic information for your loan servicer:

  • Your name and Social Security number
  • Property address
  • Loan number

STEP 3

Contact your loan servicer using the information provided on your monthly coupon or invoice. Be sure to confirm the mailing address, email address or fax number and the contact person’s name for the letter.

STEP 4

Explain to your servicer that you’re interested in canceling your PrivateMI and request information on their cancellation requirements.

STEP 5

Meet any requirements provided by your servicer. These may include:

  • Supplying additional information on your home or loan
  • Having an Appraisal, BPO or CMA

Your servicer will arrange for this. If you do it yourself you may end up paying for two appraisals.

STEP 6

Send a request in writing for cancellation of PrivateMI.

STEP 7

Your servicer will notify you about the status of your PrivateMI cancellation.

Benefits of MI

Why should you consider a loan with Private MI?

  1. Affordable: In many cases, private MI is more affordable than other mortgage finance options. Private MI helps low- to moderate- income and first time homebuyers purchase a home with less than the traditional 20% down payment, with as low as a 3% to 5% down payment.
  2. Predictable: Private MI premiums are fixed and remain at predictable levels throughout the periodthe insurance is in force on the mortgage loan.
  3. Cancellable: A mortgage loan that carries private MI can be cancelled when the homeowner acquires 20% equity in the home.
  4. Alternative: A mortgage loan with private MI offers an attractive often less costly alternative to the government’s FHA program. Unlike FHA’s single family program, private MI programs offer a range of payment options keyed to the borrower’s needs and mortgage terms.

But don’t take our word for it. Read more about the benefits of PrivateMI, and use our tools to see if it’s the right choice for you.

Advertisements

Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

One thought on “Private Mortgage Insurance or PMI for Kentucky Mortgages”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s