How do you want to learn about mortgage insurance?
How do I pay for MIP or PMI?
How do I know if I have MIP or PMI?
- You have MIP if you have an FHA loan, which is a type of government loan.
- You have PMI if you have a loan that isn't under a government program and your down payment was less than 20%.
You can also sign on to Wells Fargo Online® and visit the Escrow Details page of your mortgage account to learn which type of mortgage insurance you have.
When can my MIP be removed?
When can my PMI be removed?
How do I find my home's original value or LTV?
Your home's original value is either the price you paid for it or the appraised value at closing, whichever is less.
To calculate your LTV, divide the amount you owe on your loan by your home's original value.
Do I need an appraisal to remove my PMI?
Why can't you accept an appraisal you already have on file for me?
What may be considered a substantial improvement?
Something that was not previously on the property. It may add extra living space, or be something that raises the home's value.
Examples may include:
- Adding a deck, garage, in-ground pool, fence, or in-ground sprinklers
- Finishing a basement
- Remodeling living space
Cosmetic improvements are not considered substantial improvements. Examples of cosmetic improvements include new:
- Flooring, siding, roof, carpeting, or windows
- Light fixtures
- Appliances or furnace/air conditioning unit