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Frequently Asked Questions

When can you Drop PMI?

Lenders generally will not drop your PMI if you've missed any payments, and many require you to have the loan for at least two years. But you still may be able to get rid of PMI if you refinance, with the new loan based on your house's current value.

How long is PMI required?

The conventional mortgage only requires payment of private mortgage insurance (PMI) for roughly 10 years, while the FHA loan requires it for the full 30 years.

When can PMI be cancelled?

PMI Cancellation. In other words, PMI automatically terminates when the borrower reaches 22% equity. If mortgage payments are not current, then the lender must cancel PMI on the first day of the month beginning after payments become current.

What does homeowners insurance protect against?

Homeowners liability insurance can help protect you if you or your family member is found legally responsible for injuring someone else or damaging someone else's property. Typically, homeowners liability insurance can help protect you whether the injury or property damage happens on or away from your property.

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