Private mortgage insurance is likely part of your monthly mortgage costs.
But you don’t have to pay for PMI forever.
You can ask your servicer to cancel PMI when your mortgage’s principal balance falls to 80 percent of the original value of your home.
This cancellation date should’ve been given to you when you received your mortgage.
If you don’t ask, your servicer still must automatically terminate PMI when your balance reaches 78 percent.
Regardless of your balance, your servicer also must end PMI when you reach the midpoint of your loan’s amortization schedule. (For a 30-year mortgage, that means after 15 years.)
Rules might vary. Contact your servicer regarding PMI questions.
