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

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Updated: January 2018

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