9.Introduction to help you PMI Cancellation and Home owners Shelter Act [Brand spanking new Site]
PMI Cancellation and the homeowners Protection act are two terms that are often used interchangeably when discussing the process of eliminating private home loan insurance rates (PMI) payments. PMI is a type of insurance that lenders require from borrowers who put down less than 20% of the home’s purchase price. It protects the lender in case the borrower non-payments on their financing. However, once the borrower has built up enough equity in their home, they can request to cancel their PMI. This is where the Homeowners Protection Act comes into play. Read more
