Mortgage Resources
Ditch Your PMI, or private mortgage insurance
PMI CAN ADD HUNDREDS OF DOLLARS A MONTH TO YOUR MORTGAGE PAYMENT. HERE’S HOW TO CANCEL IT
Private mortgage insurance is all for the benefit of the lender not you as the homeowner. If you were to default on your mortgage it protects only the lender. The federal government Homeowners Protection Act from 2012 gives you the right to cancel the PMI on your home loan when you reach a 20% equity level. However, the process of removing PMI varies from lender to lender.
Cascadia Home Loans has created a general instruction sheet you can download below. If you have questions feel free to give our office a call at 503-543-9999
