It’s not a disease but it is something you can get rid of. You may be eligible to request the cancellation of your PMI one of two ways:
- When your loan-to-value (or LTV) ratio is scheduled to reach 80% of the Original Value* of the property (regardless of outstanding balance on this date)
- When the principal balance of your mortgage reaches 80% of the Original Value* of the property (based on actual payments)
Additional requirements:
- You must be current on your loan
- All payments in the last 12 months must have been paid no later than 30 days past the due date
- All payments in the last 24 months must have been paid no later than 60 days past the due date
- You must certify that the property is not subject to a subordinate lien
- You must satisfy any requirement of the holder of the mortgage for evidence that the value of the property has not declined below the original value
*Based on Original Value, not current value.