New Private Mortgage Insurance – Canceling PMI Will Save You Thousands

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2021 Financial Planning Cheat Sheet

Canceling Private Mortgage Insurance or PMI can save you thousands. If you own a home and you put less than 20% down, it’s likely you have Private Mortgage Insurance, or PMI. This is insurance that you, the borrower, pays to protect your lender if you default on your mortgage. Stated another way, the loan-to-value ratio (LTV) is too high and there isn’t enough home equity.

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Canceling PMI Can Save You Thousands (Article)

Consumer Financial Protection Bureau (CFPB)

⚠ Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and investment advisors. 👍

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  1. CORRECTION – At 0:44 I misspoke. I should have said, "If you put less than 20% down…"

  2. Does this information only apply to conventional loans? Or both FHA and Conventional loans. Thanks

  3. PMI is a scam designed to protect banks at homeowner's expense. The excuse banks use is that less than 20% down payment is more risky for them. So the homeowner is at fault for them incurring higher risk. Would you pay bank CEO's car insurance because his changes of colliding with you on the road increases when you drive?

  4. right now my pmi is somewere like .845 % ,,i have been wasting more than 2 grant a year for last 5 years, thank you

  5. I've always been really curious if PMI and it's removal was based primarily on purchase price, or home value. For instance, if I only put 10% down towards the purchase price of the house, but based on the appraisal can show that I have 20% (or higher) equity in the property- will I still get stuck paying PMI? Legislature seems pretty vague on this. Sounds like they will just base it on the lower of the 2. Are you able to clarify this at all?

  6. Thanks for the details. If I pay additional payment towards principle so that outstanding balance falls down to 80% of purchase price within 6 months of loan kick off, Would PMI automatically go away?

  7. With Wells Fargo, significant improvements that equal the difference (base on the inspector report) can enough to remove the PMI.

  8. I will be calling Wells Fargo on Monday to see if I quality for removal. I asked before and i was not so time to call again. I have a fha loan .

  9. Hi David – GREAT VIDEO regarding PMI – so can this request of PMI removal be directed to the LENDER? in my case it's Freedom Mortgage my PMI is $375.00 per month! I am trying to do this without refinancing because to refinance costs almost $14,000 – "HIGHWAY ROBBERY if you ask me… We bought the house August 2016 – (3) years ago the house has gone up in value already please advise if there is no other way but to refinance? your response will be greatly appreciated 🙂

  10. YES! Everyone loves those low-down loan programs but that PMI is a killer. Wasted money.

  11. Good overview of PMI! When I was younger I had a mortgage with PMI and couldn’t wait for it to go away.