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Info regarding PMI?

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If I purchased my home about 2 years ago at 250k. My balance now is at $233k. When can I ask the lender to take off PMI? I know its once you reach 20% of the purchase price. But can you ask to take it off after 4 years? Please advise.
asked Aug 8, 2012 in Mortgage by anonymous
   

1 Answer

+2 votes
The bank will usually not take it off until you reach the 20% mark. 20% equity in your home. Banks do vary and some may lower that to 15% if enough time has past by. It is alo important to stay current and have a good record with them.

It does not hurt to ask your mortgage cmpany. There are all kinds of programs they run in this environment.
answered Aug 30, 2013 by bbrown Inquisitive Expert (97,580 points)

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