PMI automatically waives on the date the mortgage is first scheduled to have a LTV of 78% on fixed rate mortgage. This date does not change and is disclosed at the closing. ARMs will automatically waive when the LTV goes below 78%. The accounts also must be current before waiving. PMI can also be waived based on current value of the property. This option requires an appraisal and is a cost to the borrower. At this time appraisals are $400.00. The borrower would need to contact mortgage servicing directly to discuss this option for additional information at 508-895-1550.
