What is PMI?

North Central Appraisal Services

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PMI is designed to protect the lender, not the consumer in the event you default on your mortgage loan.  If you had less than 20% down payment when you purchased your home you may have been required to purchase Private Mortgage Insurance.

The Home Owners Protection Act (July 28, 1998) became effective in July, 1999.  This bill required annual notification to consumers  regarding PMI removal.  Automatic removal of PMI applies only to loans secured after July 29, 1999.  If your home purchase was prior to that date and your down payment was less than 20% you are probably paying for PMI along with your monthly mortgage payment.  

You can contact your lender for the address and phone number of the company providing the PMI for your loan.  The Private Mortgage Insurance provider can inform you of the requirements and what steps you need to take in order to qualify for removal of the PMI, one of which may be an appraisal of your property to determine the present market value.

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