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when can i cancel pmi

Jack Guttentag: It may pay to cancel home insurance PMI – Borrowers should take advantage of the opportunity if they can but they must meet the cancellation rules. Under federal law, lenders are required to cancel private mortgage insurance on most home.

How to get rid of private mortgage insurance – When the balance drops to 78 percent, the mortgage servicer is required to eliminate the insurance. Although you can cancel private mortgage insurance, you cannot cancel recent Federal Housing.

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