Can she cancel her PMI?
The answer will depend on her mortgage company and the mortgage agreement. The fact that they’ve never been late and make more money now will be helpful. But much will depend on the equity that Diane has in the home. And she doesn’t mention how much of their home they actually own. But even if her equity is less than 20%, it can’t hurt to ask. The best way to do that is to contact the bank or mortgage company and ask who is responsible for requiring PMI. Get their name and job title. Write that person a letter stating your case. Stick to the facts. Remember, the loan officer isn’t supposed to be swayed by sentiment or your desire for savings. Their job is to make sure that the bank protected if you default. So provide facts that will demonstrate that you’re a good risk. A new law doesn’t directly affect homeowners like Diane, but could still be helpful. The Private Mortgage Insurance Act takes effect July 29, 1999. The new law gives home buyers a number of rights. First, you must be gi
