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|When can I cancel private mortgage insurance?
By The-Adviser.com -
|New York -
Private mortgage insurance (PMI) provides insurance to the lender when a borrower does not
pay off a mortgage. It is typically required when a borrower puts up less than 20 percent
of a home's purchase price. In general, PMI can be cancelled as follows:
If you have changed your house to an investment property (rental income), be careful. The bank may consider your house an investment property and not a home. The standard for eliminating PMI on investment property is generally higher than on primary residences. Investment properties generally require PMI if equity stakes are lower than 35%.
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A Financial Adviser can help you review your equity value to determine whether or not you can cancel PMI.
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