How to Get Rid of Private Mortgage Insurance (PMI) on an Existing Loan

Video Transcript

"So you're been wondering how to get rid of PMI of private mortgage insurance on an existing loan. No problem, I'll tell you how. Hi my name is Adriel Torres. I'm the owner of Ultimate Credit Today.Com. The only way to or they're are several ways but the fastest way to get rid of PMI is to reduce your mortgage balance less than 80% of what your property's worth or what you owe. So assume you have $100,000 and you owe $85,000 in order to get your PMI off that loan you'll have to bring it down below 80% so you have to come to the table or pay the lender $5,000. There are several ways you can do that, you can get a second loan, you can borrow the money from a friend, you can get institutional money, your local lender or your local bank. Once you pay that money to the lender then the PMI will automatically be taken off the mortgage note and you'll no longer have to pay that extra money. But remember, you have to balance the new loan you took out to take the PMI off. And that's the way to reduce or take out PMI off your loan. You have to pay it below 80% of the loan or what the property is worth. Again that's how it's done. My name is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. Thank you very much."