The Ins and Outs of Private Mortgage
Insurance (PMI) and how to get rid of it.
Question: There are a few things I do not
understand about private mortgage insurance. The most important is, can the borrower initiate the
elimination of PMI? I assume the mortgage holder must approve. I purchased a condominium in Sherman
Oaks, Calif., for $290,000 in 2001 with $125,000 down and a 30-year fixed-rate first mortgage for
$165,000 in 2001. The property is worth $550,000 or more I am told. I would like to eliminate the
PMI if my lender will approve (if necessary). Who should I contact to get the ball rolling? It is
very hard to get my lender on the phone to ask them anything.
article: Realty Q&A:
How to Get Rid Of Private Mortgage Insurance – by Lew Sichelman, Marketwatch, by way
of The Wall Street Journal