Step by Step Guide to PrivateMI Cancellation

STEP 1

Answer these simple questions to see if you might qualify for PrivateMI cancellation:

Have I paid down my mortgage to 80% LTV?
Have I made structural improvements that will increase the value of my home?
Have homes in my neighborhood appreciated significantly in value?

If you answer 'yes' to any of these questions, you may be able to cancel your PrivateMI.

STEP 2

Gather basic information for your loan servicer:

Your name and Social Security number
Property address
Loan number

STEP 3

Contact your loan servicer using the information provided on your monthly coupon or invoice. Be sure to confirm the mailing address, email address or fax number and the contact person's name for the letter.

STEP 4

Explain to your servicer that you're interested in canceling your PrivateMI and request information on their cancellation requirements.

STEP 5

Meet any requirements provided by your servicer. These may include:

Supplying additional information on your home or loan
Having an Appraisal, BPO or CMA

Your servicer will arrange for this. If you do it yourself you may end up paying for two appraisals.

STEP 6

Send a request in writing for cancellation of PrivateMI.

STEP 7

Your servicer will notify you about the status of your PrivateMI cancellation.