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PMI Cancellation |
Mortgage
insurance can usually be canceled by the home buyer after he or she has
at least 20 percent equity in the home. Borrowers should contact their
servicer to find out the procedure for canceling mortgage insurance
when they think they have achieved 20 percent equity. Guidelines for
canceling private mortgage insurance are set by investors. Typically,
investors will require an appraisal on the property. The servicer can
recommend qualified local appraisers.
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