ANSWERS: 1
  • You generally must pay for PMI if you don't have a 20% downpayment on your home. PMI will pay the lender the 20% if you default. Then if they sell it, they can usually be assured that they won't take a loss. However, if you originally had to pay PMI and now you have more than 20% equity in your home, you may be able to stop paying it. Contact your lender to find out how. Sometimes they require you to get an appraisal of your home to prove the value.

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