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PMI is required when the loan-to-value (LTV) ratio is greater than 80%. When purchasing a new home, the loan-to-value ratio is calculated using the lesser of appraised value or purchase price.
PMI on a one-family principal residence or second home will be terminated automatically the earlier of the date that the mortgage balance is first scheduled to reach 78% of the original value of the property OR the first day of the month after the date that is the mid-point of the mortgage amortization period provided the payments are current and any outstanding late charges have been paid. PMI on investment property will be automatically terminated on the first day of the month after the date that is the mid-point of the mortgage amortization period provided the payments are current and any outstanding late charges have been paid.
For more information regarding PMI cancellation, contact Mortgage Servicing - Escrow Team at 404-677-8785.
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