What to do if we signed an LPMI disclosure included in our mortgage documents, but we’ve been paying PMI?

My wife and I bought a house 5 years ago and have been paying PMI since the original purchase. We’ve never refinanced either. I was looking through our loan documents and included in the documents is a “Lender-Paid Mortgage Insurance Initial Disclosure” that states we “applied for a loan with lender-paid mortgage insurance”. Should we have been paying PMI all these years?

Asked on July 13, 2012 under Real Estate Law, Georgia


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Whether or not you should have been paying personal mortgage insurance on the loan that you obtained depends upon what the written loan agreement states.

As such, you need to carefully read the loan documents that you signed in that such controls the obligations owed to you and vice versa. I suggest that you consult with a real estate attorney to review your loan documents to assist you in getting your answer to your question.

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