Home Loans (Taxes and Insurance)

What does it mean to have a "good payment history"?

You are required to have a good payment history in order to request cancellation of your Private Mortgage Insurance. For most loan types, a good payment history is defined as:

No payments 30+ days past due in the last 12 months, AND
No payments 60+ days past due in the last 24 months, AND,
if your loan has been refinanced, then:

The last 12 consecutive payments must have been made within 30 days of the due date.

If you have anything other than a FNMA or FHLMC loan, there may be other payment history requirements.

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