FAQs

Will Pennymac ever cancel my PMI?

PMI will be terminated automatically if/when your loan reaches the midpoint of its amortization schedule (halfway through the life of your loan). For example, on a 30-year loan, the midpoint would occur after 15 years have passed. This may occur for loans with an interest-only period, principal forbearance, or a balloon payment. Keep in mind that you must be current on your monthly mortgage payments for termination to occur.