A “Sample Letter To Remove PMI From Mortgage” is a request. It asks your lender to cancel your Private Mortgage Insurance (PMI). You might need this letter when your home’s value increases. Or, you’ve paid down your mortgage balance enough.
Want to ditch PMI but unsure how to ask? We’ve got you covered. This article shares letter templates. Use them to write your own PMI removal request.
Consider this your shortcut. We provide samples. Tailor them to your situation. Removing PMI can save you money. Let’s get started.
Sample Letter To Remove Pmi From Mortgage
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]
[Lender’s Name]
[Lender’s Address]
[Lender’s City, State, Zip Code]
**Subject: Request to Remove Private Mortgage Insurance (PMI) – Loan Number [Your Loan Number]**
Dear [Lender’s Name],
I am writing to request the removal of Private Mortgage Insurance (PMI) from my mortgage loan, number [Your Loan Number], for the property located at [Your Property Address].
As you know, I have been diligently making my mortgage payments on time. My current loan-to-value (LTV) ratio is now below 80%, [or state that you have reached 20% equity based on the original appraised value], which I believe makes me eligible for PMI removal. [If applicable, add: An independent appraisal obtained on [Date] confirms this.]
I kindly request that you review my account and initiate the process for PMI removal as soon as possible. Please let me know what documentation or information you require from me to facilitate this process.
I look forward to your prompt response and a favorable resolution to this request.
Thank you for your time and consideration.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Remove PMI From Mortgage
Subject Line: Brevity is the Soul of Wit
- Craft a succinct subject line: “PMI Removal Request – [Your Loan Number].”
- Avoid ambiguity; directness expedites processing.
- A clear subject line ensures your missive doesn’t languish in the inbox abyss.
Salutation: Formality Still Matters
- Address the letter to a specific individual, if known. “Dear Ms. Johnson,” is preferable.
- If the contact’s name is elusive, use “Dear Mortgage Servicing Department.”
- Maintain a professional tone; familiarity breeds informality, which is not the objective.
Body Paragraph 1: Laying the Groundwork
- State your intention unequivocally: “I am writing to formally request the removal of Private Mortgage Insurance (PMI) from my mortgage loan, [Your Loan Number].”
- Include your property address for clarity.
- Mention the date you initiated the mortgage. This provides context for your request.
Body Paragraph 2: Substantiating Your Eligibility
- Assert that your loan-to-value (LTV) ratio has reached 80% or lower. “My current LTV ratio is now below 80%, based on [Appraisal, Original Purchase Price].”
- If you’ve made substantial improvements, mention them. These improvements may augment the property’s valuation.
- Recount your impeccable payment history. No delinquencies bolster your claim.
Body Paragraph 3: Citing Relevant Regulations or Lender Policies
- Refer to the Homeowners Protection Act (HPA) if applicable.
- Mention any specific guidelines from your lender regarding PMI removal. Scrutinize your original mortgage documents.
- Demonstrate that you are conversant with the procedural nuances of PMI rescission.
Closing: A Polite Demand
- Reiterate your request with courteous conviction: “I trust you will give this matter your prompt attention and approve the removal of PMI.”
- Express your anticipation for a favorable response.
- Indicate your willingness to furnish additional documentation, if requisite.
Sign-off: Professional Decorum
- Employ a formal closing: “Sincerely,” or “Respectfully,”.
- Include your typed name, signature, phone number, and email address.
- Ensuring accessibility facilitates seamless communication.
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Frequently Asked Questions: PMI Removal Request Letter
Understanding the process of removing Private Mortgage Insurance (PMI) from your mortgage is crucial for homeowners. This FAQ section addresses common queries related to drafting a sample letter for PMI removal.
1. What information should my PMI removal request letter include?
Your letter should include your loan number, property address, contact information, and a clear statement requesting PMI removal based on meeting specific criteria (e.g., reaching 80% loan-to-value ratio).
2. To whom should I address the PMI removal request letter?
Address the letter to the mortgage servicer or lender managing your loan account. The exact contact information can be found on your mortgage statement or loan documents.
3. What documentation should I include with my PMI removal request letter?
Include any supporting documentation that verifies your eligibility for PMI removal, such as an appraisal report indicating your current loan-to-value ratio or documentation of significant home improvements.
4. How long does it typically take to process a PMI removal request?
The processing time can vary, but it generally takes between 30 to 60 days for the lender to review your request and provide a decision. Follow up if you haven’t received a response within this timeframe.
5. What happens if my PMI removal request is denied?
If your request is denied, the lender should provide a written explanation. Review the reason for denial and address any deficiencies or consider reapplying once you meet the necessary requirements.