PMI fees can be paid in many ways depending on the company used:
The Homeowners Protection Act of 1998 established rules for automatic termination and borrower cancellation of Private Mortgage Insurance (PMI) for home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the home purchase, initial construction, or refinance of a single-family home. It does not apply to government-insured FHA or VA loans, or to loans with lender-paid PMI.
With certain exceptions (home mortgages signed on or after July 29, 1999) your PMI must be terminated automatically when 22% of the equity of your home is reached, based on the original property value and if your mortgage payments are current. It can also be canceled at your request with certain exceptions, when you reach 20% equity, again based on the original property value, if your mortgage payments are current.
Ask your lender or mortgage servicer for information about these requirements. If you signed your mortgage before July 29, 1999 you can request to have the PMI canceled once you exceed 20% home equity. But, federal law does not require your lender or mortgage servicer to cancel the insurance.
American Guaranty Corporation
303 East Wacker Drive, Suite 900
Chicago, IL 60601
PMI Mortgage Insurance Company
601 Mongomery Street
San Francisco, CA 94111
Commonwealth Mortgage Assurance Company
1601 Market Street
Philadelphia, PA 19103-2197
Republic Mortgage Insurance Co.
P.O. Box 2514
Winston-Salem, NC 27102-9954
G.E. Capital Mortgage Insurance Corporation
P.O. Box 177800
Raleigh, NC 27615
Triad Guaranty Insurance Corp.
P.O. Box 25623
Winston-Salem, NC 27114
Mortgage Guaranty Insurance Corporation
P.O. Box 488
Milwaukee, WI 53201
United Guaranty Corporation
P.O. Box 21567
Greensboro, NC 27420
A family owned company; we've been helping clients purchase and refinance for several years now. Please click on About in the headers to learn more.
Company NMLS: 1678775
5314 Sweetwater Trails
San Diego, CA 92130
Toll Free: 833-968-0056
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