What is PMI and why am I paying for it?

Private Mortgage Insurance (PMI) is required on your loan if your Loan to Value ratio is more than 80%. PMI protects lenders and others against financial loss if the borrowers default. Charges for the insurance are added to your loan payments. Under certain circumstances, federal law gives you the right to cancel PMI or request PMI to automatically terminate.

If you are current on your loan payments, PMI will automatically terminate on the date the principal balance of your loan is first scheduled to reach 78% of the original value of the property.

If you would like to request the cancelation of PMI on your loan, please contact Blaze Mortgage Servicing for guidelines.