Online guide helps homeowners cancel PMI

Neither lenders nor mortgage insurers want borrowers to pay for private mortgage insurance any longer than is absolutely necessary.

These words greet visitors to the Cancellation section of the Mortgage Insurance Companies of America Web site, www.privatemi.com. The new section includes a step-by-step guide to cancelling private mortgage insurance, questions and answers, and sample letters for cancellation.

"It is indeed rare that an industry explains how the public can stop using its product or service," said Frank P. Filipps, MICA chairman and CEO.

The Web site also features a cancellation calculator to help people figure out how long until they can cancel their private mortgage insurance.

Buyers & sellers, visit www.texasrealestate.com.
REALTORS®, visit www.tar.org.