Step by Step Guide to PrivateMI Cancellation
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.
Gather basic information for your loan servicer:
- Your name and Social Security number
- Property address
- Loan number
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.
Explain to your servicer that you’re interested in canceling your PrivateMI and request information on their cancellation requirements.
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.
Send a request in writing for cancellation of PrivateMI.
Your servicer will notify you about the status of your PrivateMI cancellation.
Benefits of MI
Why should you consider a loan with Private MI?
- 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.
- Predictable: Private MI premiums are fixed and remain at predictable levels throughout the periodthe insurance is in force on the mortgage loan.
- Cancellable: A mortgage loan that carries private MI can be cancelled when the homeowner acquires 20% equity in the home.
- 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.
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