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 current mortgage company 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 mortgage
company
can recommend qualified local appraisers.
