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What mortgage insurance can you cancel after paying it for 2 years? |
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Answer
First, do u really need mortgage insurance? Do u have any other life insurance policy? If yes, then that policy is sufficien. Just check that its amount is enough to cover your CURRENT mortgage amount. feel fre to contact back.
Answer
Mortgage insurance is usually required by the lender if the loan is in excess of 80% of the loan value of the property. A mortgage insurer is usually an investor or a group of investors. In most states there is no requirement for mortgage insurance when the loan is 80% or below the value of the property. A simple letter to the lender will usually get the mortgage insurance cancelled. If your home is in an area where values are increasing rapidly, then it is quite possible that you will have enough equity to drop the MI after only 2 years. Contact your lender
First answer by ID0000000000. Last edit by Britefutr. Contributor trust: 0 [recommend contributor]. Question popularity: 170 [recommend question]
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