If your property is worth 160,000. and you owe 96,000. PMI should be taken off?

PMI should come off at the time your loan balance is less than 78% of the original purchase amount, and your payments have been current (not more than 30 days late) for the last 12 months.

Depending on what type of loan you have it will be dropped at either 80% or 78%. You need to contact your lender and find out their procedure for having PMI dropped.

To get the correct answer, you need to contact your present lender.

The guidelines for the removal of PMI is different depending on the loan product you have and when your loan was originally originated.. For conventional loans, once you reach 80% loan to value and you have paid PMI for at least 24 months, you can petition to have it removed. You would need to pay for an appraisal, but that should be your only out of pocket cost.. if you have an FHA loan then the rules are different depending on when it was originated.. you might need to pay for 5 years or you might have PMI for the life of the loan.. it really depends on other factors.. you can call your existing lender and they should be able to help you if it's allowable.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com