To determine if you can cancel your PMI, review the requirements to cancel your mortgage insurance outlined on your Mortgage Insurance Disclosure received with your loan closing documents, if available.
- If your loan is secured by a single family, owner occupied residence you can typically request PMI cancellation if:
- Your “original value” LTV (loan-to value) ratio must be 80% or less—a calculation made by dividing your loan’s unpaid principal balance by your original purchase price or your original appraised value, whichever is less.
- You have a good payment history. (No payments past 60 days late in 24 months and no payments past 30 days late in 12 months.)
- PMI removal can be requested based on “current value” LTV, but there are specific requirements including age of loan, investor, etc.
- For automatic termination on a fixed rate mortgage loan, if the residence is a single-family primary home or second home, your mortgage insurance will be cancelled automatically in one of the following scenarios, whichever happens first, provided that your loan is current:
- The LTV on your property reaches 78%, based on the original amortization schedule (and you didn’t make extra payments to get it there).
- You reach the midpoint of your mortgage term (year 15 on a 30-year mortgage, for example).
Note: If you have a multi-unit primary residence or investment property, these rules differ slightly. With Fannie Mae, mortgage insurance goes away on its own halfway through the loan term. By contrast, Freddie Mac does not auto-cancel mortgage insurance.
These guidelines don't apply to every loan. To determine if you are eligible to cancel your mortgage insurance, submit a written request with your full name and full account number via fax to 513-358-3403 or by emailing Escrow.Help@53.com. You can also mail the request to:
Fifth Third Bank
5001 Kingsley Drive
Cincinnati OH 45227