We refinanced our home in September to obtain a lower rate of interest and reduce our mortgage period.in those days, our LTV was somewhat greater than 80% leading to PMI. Your unique mortgage files involved a Personal Mortgage Insurance Disclosure Fixed Rate Mortgage doc that mentioned PMI could be terminated (upon our demand) when our LTV achieved 80% on July 1. The doc continues to convey that PMI could be instantly ended on March 1, when our LTV reaches 78%. We approached our present bank, Wells Fargo Mortgage, to demand termination of PMI. We were informed the PMI couldn't be terminated until our LTV reaches 75% regardless of the conditions established within our legally binding agreement. Bear in mind our cost record is 100% promptly with automated funds through Wells Fargo and our mortgage isn't high-risk. Additionally, Wells Fargo actually incorporated these same recommendations, stating the Homeowner's Protection Act of 1998, when it sent our estimated escrow stability and funds for that year! However they WOn't stop our PMI till we achieve 75% LTV!
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