At some point a judge may decide the terms of legal and physical custody. Legal custody means the legal right and responsibility to raise a minor child and to make decisions on her or his behalf. Joint, split, and shared legal custody require both parentsâ approval for all major decisions. Physical custody means possession and it defines the physical location of the child.
The new PMI law looks at the 24 months prior to the PMI cancellation date (according to the amortization schedule). During the first 12-month period, the homeowner must not make a payment 60 or more days past due. During the second 12-month period, the homeowner must not make a payment 30 days or more past due.
Once you've committed to paying PMI, you'll usually have to keep it for at least two years. If your home has appreciated enough to give you 25% equity after two to five years, you can cancel the coverage. After five years, you just need 20% equity to ditch it.