Your roadmap to dropping private mortgage insurance
Lender-paid mortgage insurance
Your next move
With lender-paid mortgage insurance, the lender pays the premium and builds the cost into a higher interest rate. Because the cost is part of the rate, it does not drop off when you reach the cancellation thresholds for borrower-paid PMI. The usual way out is to refinance.
Last reviewed against the primary sources listed below.
Check your loan
Your Closing Disclosure and note show whether mortgage insurance is borrower-paid. The CFPB PMI guide explains the difference.
PMI questions on the road
Does lender-paid mortgage insurance ever go away?
Not by cancellation; the cost stays in the rate unless you refinance.
How do I know if my PMI is lender-paid?
Check the Closing Disclosure or ask your servicer.