How do I drop private mortgage insurance?
PMI can only be dropped by you asking the financial institution that has the mortgage on your property. The reason you have PMI is because there is not enough equity in your place. If you put a larger amount of cash down at sale your lender would probably not require it. Usually 20% plus dowm will eliminate the PMI but each lender has different guidelines. Call your lender and ask them if they will drop it. If you only have been paying for a year or two I doubt it but try anyway. If you have some cash ask them if you applied it to your principal payment just how much cash you would need. If they give you a figure and you do not have the cash then it is very easy to figure out how much longer you will have to pay it. Just divide what figure of cash you need to drop the PMI by your monthly principal payment and that will tell you how many months. Divide it by the principal only, do not include your taxes or insurance which are probably escrowed into your monthly payment, Good Luck.
