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Free PMI cancellation letter Wells Fargo 2024
A PMI cancellation letter Wells Fargo is a document sent to Wells Fargo by a homeowner who wants to request the cancellation of Private Mortgage Insurance (PMI).
PMI is usually required when a homeowner has a mortgage with a down payment of less than 20% of the home’s value. It’s a type of insurance that protects the lender in case the homeowner defaults on the loan.
Once a homeowner’s mortgage balance reaches a certain point or the home’s value increases enough, they might be eligible to cancel PMI.
The PMI cancellation letter is a formal request to the lender to stop charging the homeowner for PMI since the conditions for cancellation have been met.
Wells Fargo will review your request and relevant information to determine if you meet the criteria for PMI cancellation.
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What You’ll Gain:
If approved, you will no longer have to pay the additional PMI fees, which can lower your monthly mortgage payments.
I have a full guide that teaches everything you need to know about canceling a PMI. You can read that guide here.
Today I will only share with you a sample letter that you can send to Wells Fargo to request them to cancel PMI.
Let’s get started
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- PMI cancellation letter Wells Fargo
- PMI cancellation letter Wells Fargo sample
- PMI cancellation letter Wells Fargo pdf
- FAQs about PMI cancellation letter Wells Fargo
- How do I know if I qualify for PMI cancellation from Wells Fargo?
- Do I need to write a PMI cancellation letter to Wells Fargo?
- What should I include in my PMI cancellation letter to Wells Fargo?
- How long does it take for Wells Fargo to process a PMI cancellation request?
- What happens after Wells Fargo approves my PMI cancellation request?
- What if Wells Fargo denies my PMI cancellation request?
PMI cancellation letter Wells Fargo
[Your Name]
[Your Address]
[City, State, ZIP]
[Email Address]
[Phone Number]
[Date]
Wells Fargo Home Mortgage
P.O. Box 10335
Des Moines, IA 50306-0335
Subject: Request for Cancellation of Private Mortgage Insurance (PMI)
I am writing to formally request the cancellation of Private Mortgage Insurance (PMI) for my mortgage account [Account Number] with Wells Fargo. I believe that I have met the necessary criteria for PMI cancellation, and I kindly ask for your prompt review and consideration of my request.
As per the Homeowners Protection Act of 1998, I understand that I am eligible to request the cancellation of PMI once I have reached a loan-to-value (LTV) ratio of 80% or less based on the original appraised value of my home. After reviewing my mortgage account details and conducting an appraisal, I have determined that my current LTV ratio has fallen below 80%.
Mortgage Details:
- Account Number: [Account Number]
- Property Address: [Property Address]
- Original Loan Amount: [Original Loan Amount]
- Original Appraised Value: [Original Appraised Value]
- Current Appraised Value: [Current Appraised Value]
- Current Loan Balance: [Current Loan Balance]
Enclosed with this letter, please find relevant documentation supporting the current appraised value of my property. I kindly ask that you review the provided documents and conduct your own assessment to verify the accuracy of the LTV ratio calculation.
I understand that PMI serves to protect the lender in cases of high-risk loans, but I believe that I have met the necessary conditions for PMI cancellation due to the substantial reduction in my loan balance and the appreciation of the property’s value.
I kindly request that you provide me with written confirmation of the approval of my PMI cancellation request, along with details of any further actions I need to take. Additionally, please inform me of the effective date from which I will no longer be required to make PMI payments.
I appreciate your prompt attention to this matter. If you require any additional information or documentation from my end, please do not hesitate to contact me at [Email Address] or [Phone Number]. I am committed to providing any necessary information to facilitate the review process.
Thank you for your time and consideration. I look forward to a favorable response regarding the cancellation of PMI on my mortgage account.
Sincerely,
[Your Signature]
[Your Printed Name]
Enclosures:
- Appraisal Documentation
- Supporting Documentation (if applicable)
PMI cancellation letter Wells Fargo sample
Wells Fargo Home Mortgage
P.O. Box 10335
Des Moines, IA 50306-0335
Subject: Request for Cancellation of Private Mortgage Insurance (PMI)
I am writing to formally request the cancellation of Private Mortgage Insurance (PMI) for my mortgage account [Account Number] with Wells Fargo. I believe that I have met the necessary criteria for PMI cancellation, and I kindly ask for your prompt review and consideration of my request.
As per the Homeowners Protection Act of 1998, I understand that I am eligible to request the cancellation of PMI once I have reached a loan-to-value (LTV) ratio of 80% or less based on the original appraised value of my home. After reviewing my mortgage account details and conducting an appraisal, I have determined that my current LTV ratio has fallen below 80%.
Mortgage Details:
- Account Number: 123456789
- Property Address: 123 Main Street, Anytown, USA
- Original Loan Amount: $250,000
- Original Appraised Value: $300,000
- Current Appraised Value: $350,000
- Current Loan Balance: $200,000
Enclosed with this letter, please find relevant documentation supporting the current appraised value of my property. I kindly ask that you review the provided documents and conduct your own assessment to verify the accuracy of the LTV ratio calculation.
I understand that PMI serves to protect the lender in cases of high-risk loans, but I believe that I have met the necessary conditions for PMI cancellation due to the substantial reduction in my loan balance and the appreciation of the property’s value.
I kindly request that you provide me with written confirmation of the approval of my PMI cancellation request, along with details of any further actions I need to take. Additionally, please inform me of the effective date from which I will no longer be required to make PMI payments.
I appreciate your prompt attention to this matter. If you require any additional information or documentation from my end, please do not hesitate to contact me at [Email Address] or [Phone Number]. I am committed to providing any necessary information to facilitate the review process.
Thank you for your time and consideration. I look forward to a favorable response regarding the cancellation of PMI on my mortgage account.
Sincerely,
[Your Signature]
[Your Printed Name]
Enclosures:
- Appraisal Documentation
PMI cancellation letter Wells Fargo pdf
FAQs about PMI cancellation letter Wells Fargo
How do I know if I qualify for PMI cancellation from Wells Fargo?
You should review your mortgage agreement and understand the criteria for PMI cancellation. Generally, you must have a good payment history, your LTV ratio must be 80% or lower, and you may need to provide an appraisal showing the current value of your property.
Do I need to write a PMI cancellation letter to Wells Fargo?
Yes, writing a formal PMI cancellation letter to Wells Fargo is the recommended way to initiate the process. It serves as your formal request and provides documentation for your request.
However, Wells Fargo may automatically cancel your PMI if you achieve a loan-to-value ratio of 78 percent as long as you remain current on your mortgage.
What should I include in my PMI cancellation letter to Wells Fargo?
Your PMI cancellation letter should include your account number, property address, original loan amount, original appraised value, current appraised value, current loan balance, and a clear request for PMI cancellation. You might also enclose relevant documentation like an appraisal report.
How long does it take for Wells Fargo to process a PMI cancellation request?
Processing times can vary, but lenders typically review PMI cancellation requests within a few weeks. Be patient and follow up if you don’t receive a response within a reasonable timeframe.
What happens after Wells Fargo approves my PMI cancellation request?
If your PMI cancellation is approved, Wells Fargo will send you a written confirmation detailing the effective date of the PMI cancellation. Your monthly mortgage payments will be adjusted accordingly.
What if Wells Fargo denies my PMI cancellation request?
If your request is denied, Wells Fargo should provide you with reasons for the denial. You can address any issues raised and work towards meeting the criteria for future PMI cancellation.
For more information, you can reach Weel Fargo customer service
