Freedom Mortgage Mortgage Complaint

Freedom Mortgage Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Florida

I have paid down my mortgage below the requirement for PMI. Freedom Mortgage refuses to terminate my PMI unless I pay for an appraisal at my expense. Per the below they are to automatically terminate upon reaching 78 % of original value of the home so there would be no need for me to pay for an appraisal. My house has increased in value but that should not be relevant per the below. Automatic PMI termination Even if you do n't ask your lender to cancel PMI, your lender still must terminate PMI on the date when your principal balance is scheduled to reach 78 percent of the original value of your home. You also need to be current on your payments on the anticipated cancellation date. Otherwise, PMI will not be terminated until shortly after your payments are brought up to date. It 's worth noting a termination request is different than a cancellation request. Your lender must terminate PMI even if the principal balance of your loan has not actually reached 78 percent of the original value of your home - for example, because the value of your home declined.