A little primer about PMI Insurance from your friends at Live Good Be Happy;
Generally, if your down payment is less than 20% of the price of the home, you will be required to purchase Private Mortgage Insurance (called PMI or sometimes MI). This protects the lender if you should be unable to pay off the loan.
Federal law requires PMI to be cancelled under certain circumstances, for example when you have paid off a certain percentage of your mortgage or your home’s property value has increased to a certain percentage above the value of the mortgage.
Contact your lender for specific information about the status of your private mortgage insurance.
Live Good. Be Happy.
-Mimi
"If anyone you care about needs a Realtor, please share my name with them." -Mimi Heading into my 20th year in real estate, I am a third generation Realtor® serving Bellingham and Whatcom County, Washington. My motto is: Do good work for good people.
