Author Topic: I cancelled my Private Mortgage Insurance  (Read 1819 times)

Cherry

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I cancelled my Private Mortgage Insurance
« on: February 06, 2015, 06:45:49 PM »
We just got the letter that our private mortgage insurance has been cancelled!  This will save us about $750 compared to letting it cancel automatically in a little over a year.  We had just reached 20% paid on the loan. 

I did the research and wrote a request letter, and we had to arrange for an appraiser to visit the house for a Broker's Price Opinion (BPO).  The bank was actually very easy to work with. 

The BPO was interesting too - it gave us six "comps" for houses in our area, talked about how our house compares, and even gave a suggested price for if we wanted to sell. 

I wouldn't have thought to apply without reading some of the posts here.  Thanks everyone for the inspiration! 

Splashncash

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  • Location: Kailua, HI
Re: I cancelled my Private Mortgage Insurance
« Reply #1 on: February 06, 2015, 08:05:30 PM »
Congratulations!!  How nice to get the PMI monkey off your back.

Dabblingman

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Re: I cancelled my Private Mortgage Insurance
« Reply #2 on: February 06, 2015, 11:35:51 PM »
So happy for you!

PMI is my own bugaboo, $300+ a month that we probably have 3 more years of having to pay (FHA loan).

Congrats!

Mutton Chop

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Re: I cancelled my Private Mortgage Insurance
« Reply #3 on: February 12, 2015, 08:08:31 AM »
NICE!

We bought our home in 2012 with 3.5% down, and had $340 in monthly PMI

We are refinancing right now to a conventional loan so we'll end up saving a net of $325 altogether.  I don't mind the slightly higher interest rate (3.25% FHA vs. 3.75% conventional) because we'll strive to pay the home off early.  Congrats!