Nationstar Mortgage offers the insurance for the customer. There is insurance called Mortgage Insurance or MI. Actually Mortgage Insurance (MI) it is a little complicated. Basically, Mortgage Insurance (MI) decreases a risk of the lender when the lender applies a home loan. In the most of case, if you pay at least 20% down on your home, so you are not shall to carry Mortgage Insurance (MI). And when you are required to carry Mortgage Insurance (MI), of course you may cancel it when you have reached 20% equity in the home. According to the type of loan you have, you will pay for Mortgage Insurance (MI) in different ways. It can either be Private Mortgage Insurance which known as PMI or FHA Mortgage Insurance which known as MIP.
How about Nationstar PMI removal form? If you are asked to carry PMI (Private Mortgage Insurance), we will cancel it on your behalf on the date of your loan-to-value (LTV) ratio which is scheduled to reach 78%. Your loan-to-value (LTV) ratio is the amount you have borrowed divided by the appraised value of the property. Here is an example, if you borrowed $85,000 to purchase a home which is appraised $100,000, so your loan-to-value (LTV) ratio is 85,000/100,000. It is equals 85% or 0.85. We will issues the date when your loan-to-value (LTV) ratio will reach at 78%. It is based on the original information in your loan agreement. Then we will plan to cancel your PMI (Private Mortgage Insurance) on that date. You have to sure that the projected date to automatic cancellation is fixed and it is cannot be move up.
But if you are sure that your loan is qualifies for PMI (Private Mortgage Insurance) cancellation before the projected date, so you can submit a cancellation request. In this case, at least you need 20% equity in your home to request cancellation. There are some other requirements which may apply. The main ones are your loan must be current, you may not be late more than thirty days on any payment in the last twelve months, and you may not be late more than sixty days on any payment in last twenty four months. To verify the current value we probably need to order a professional appraisal of your property. A professional appraisal of your property must do for ninety days as your PMI (Private Mortgage Insurance) cancellation request.
Are you sure to send mail of Nationstar PMI removal form? If you are sure, so please send it to Nationstar Mortgage, Attn: Escrow Research, 8950 Cypress Waters Boulevard, Coppell, TX 75019. Nationstar PMI removal form requests by mail, it must include your loan number, the date, the signatures of all borrowers and an explicit request to cancel PMI (Private Mortgage Insurance). If you want to discuss your specific requirements for requesting PMI (Private Mortgage Insurance) cancellation, please do not hesitate to contact us. You can call us at 888-480-2432. We are available to service you on Monday to Thursday which start at 7a.m to 8 p,m. On Friday, it opens at 7a.m to 6 p.m. The last on Saturday, open at 8 a.m until 2 p.m.