Freddie Mac does not lend to homebuyers directly. Instead, it purchases a wide menu of mortgage products from lenders — fixed-rate and adjustable-rate loans, low down payment options like Home Possible and HomeOne, renovation mortgages, VA mortgages, refinance products and more. Here is the full lineup and how it reaches Colorado borrowers.
The exact date you first became eligible to request PMI cancellation is printed on the PMI disclosure form you received when you closed your mortgage. If that form is missing, your loan servicer is the official source. Here is how to find the date, what the rules require, and what to do next.
Private mortgage insurance protects the lender, not you, and it adds to your monthly mortgage payment. Here is the main benefit of removing PMI, when federal law says you can cancel it, and the exact steps Colorado homeowners can take to request PMI removal from their servicer.
Private mortgage insurance sounds like protection for you, but it isn't. PMI protects the lender if the borrower defaults. Here's what that means for your monthly mortgage payment, what PMI does and does not cover, and the federal rules that let you cancel it.