In most cases, mortgages are protected by insurance. You don’t have to insure it if you don’t want to, but it is better to have it to prepare for the unexpected in the future. Depending on the loan though, one might have different mortgage insurance than the other. If you have FHA loans, yours should be Mortgage Insurance Premium (MIP). Just because you apply for it at the beginning, it does not mean you can’t remove it. Wells Fargo Mortgage Insurance Dept is there to offer the insurance, but is willing to help you with removal.
Call the WF Department for Assistance
If you do want to remove your insurance, there are some things you should pay attention to. That being said, the best way to do the removal would still be by asking the help from Wells Fargo Mortgage Insurance Dept. They should know whether or not you make the right decision by doing it. Even if you are right to come up with it, there is the right time to do so. Figuring this out is not a simple task. So, call Wells Fargo Mortgage Insurance Dept at 1-800-357-6675. Still, let us inform you some important things about this here.
1. The Exception of Loan Removal
Mortgagors are indeed capable of removing their Wells Fargo insurance, but there are obviously requirements to be met for it. However, there is one exception that you need to know. Did you know? You practically can’t get to remove the insurance if the loan was closed between July 1991 and December 2000. Why, of course, it is because you will have the insurance for as long as you own the loan. So, see if you are included in this case before you go to Wells Fargo Mortgage Insurance Dept to ask for the removal of your loan.
2. The Requirements for Removal
Wells Fargo Mortgage Insurance Dept will actually allow mortgagors to remove their insurance if the loan was applied between January 2001 and June 2013. There are other requirements that follow too. First of all, you need have good payment history, never being late for the past one year. Then, you have to reach 78% loan to value. Lastly, the insurance has been paid for at least 5 years. If you think you meet these requirements, you can go ahead to contact Wells Fargo Mortgage Insurance Dept to request the removal of the loan.
3. The Loan Removal After June 2013
What if we had the loan applied after June 2013? For that, you can still request the removal. However, the removal will happen after 11 years have passed. Even for it, there are some requirements for you to qualify for. If you ask Mortgage Insurance Dept, they will tell you to that the original amount has to be less than 90% LTV. If you have more, the exception of the removal above applies here. If you qualify for it and still want to proceed with it, Wells Fargo Mortgage Insurance Dept will be more than glad to help you.