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Yes, PMI may be canceled in certain circumstances.Automatic Termination If you’re required to carry PMI, we’ll cancel it automatically when your loan-to-value (LTV) ratio is scheduled to reach 78%. The LTV ratio is the difference between the loan amount and the original market value of the home. LTV Example: If you borrow $88,000 to buy a house valued at $100,000, your loan-to-value ratio is 88%. ($88,000 /$100,000 = 0.88, or 88%).Based on the original home...
READ MORESubstantial improvements are changes to your home that increase the home’s value. For example: Significant structural alterations, including adding square footageConstruction requiring permitsAdding new features, such as a new bathroom, central air conditioning, etc.Repairs and home maintenance are not considered substantial improvements. For example:New flooringNew appliancesPaintingReplacing the roof or siding.
READ MOREYou can request PMI cancellation by: Emailing us at CustomerCare@MortgageFamily.comCalling us at 1-800-449-8767Once we receive your request, we will mail you the specific requirements for your account.
READ MOREMortgage insurance is required for FHA loans and is referred to as mortgage insurance premium (MIP). MIP protects the mortgage investor if the account becomes past due.
READ MOREIf you took out an FHA loan after June 3, 2013, generally, the MIP cannot be canceled. If you took out an FHA loan before June 3, 2013, you may be able to cancel the MIP early. Requirements can vary, so the best way to get the right information for your account is to contact us. We'll be happy to walk you through the steps.
READ MOREWhen the account is set up on the automatic payments, we will send a Welcome Letter confirming the first draft date.
READ MORETo submit a request for a copy of a cancelled check, email your request to Research@MortgageFamily.com. You may also submit a signed request by mail to: PHH Mortgage Attn: Research Department P.O. Box 24736 West Palm Beach, FL 33416-4736 Please allow 10 business days for us to process your request.
READ MOREOption 1: OnlineLog on to your account to update your mailing address. Option 2: By MailSend us a written request. Option 3: By Phone Contact our Customer Care Center at 1-877-461-2437.
READ MORETo close your HELOC, please complete, sign and return the Authorization to Close Form. Once your account is paid in full and closed, we will automatically process a Lien Release. A request to release the lien is not required, but you can send one by email, fax or mail: Email: CustomerCare@MortgageFamily.com Fax: 856-917-2700 Mail: PHH Mortgage PO Box 24736 Attn: SV24 West Palm Beach, FL 33416
READ MOREA Home Equity Line of Credit (HELOC) cannot be placed into a Revocable Living Trust because it is an open-ended mortgage. Only mortgages that do not have the capability of obtaining cash advances may qualify.
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