When to drop coverage for PMI

by Guest » Tue Jul 31, 2012 12:51 pm
Guest

I could only pay a limited sum as down payment when I purchased my home. Had to take up the PMI then. What i want to know is that when can I drop PMI coverage?

Total Comments: 1

Posted: Wed Aug 01, 2012 03:29 am Post Subject:

You should call your mortgage company and ask as PMI is not really true insurance (it's insurance for your mortgage company, not you.

I think it can be dropped at 78%LTV but you need to meet certain requirements (ask your mortgage company). I think they are required to drop it at 80%LTV (I think I have the in the correct order).

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