I was required to have mortgage insurance when I took out my mortgage. When can I cancel it?

Asked by Apryl

3 Answers

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Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Apryl -

That depends on what type of loan it is. If it is an FHA loan that you recently took, the mortgage insurance will be there for the term of the loan. If it is conventional, you will likely have to keep it for at least 2 years however once you do get to a point where you have 20% equity in the property, it can be eliminated. | 08.14.15 @ 15:35
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 02:12
Answered by Caroline Gerardo, C G Barbeau in Newport Beach, CA
If FHA in past few years you have to refinance, Conventional, it depends on what type you have, is it lender paid? Lender paid you will need to refinance. IF 24 months passed and your value is up you can have a local broker write an opinion of the value and submit the request to the servicer and lender owner of the note. You can't just "Cancel" it | 08.17.15 @ 23:54
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 02:12
Answered by Daryle Evans, Senior Loan Officer in McKinney, TX
Thank you for the question. It depends on the type of loan. The FHA Mortgage Insurance (MI) will stay on for the life of the loan if the FHA case number is after June 1, 2013. Additionally, if the loan is a Conventional loan then the Private Mortgage Insurance (PMI) can be removed when you have 20% equity in the property. The option to remove the FHA MI for case numbers dated before June 1, 2013 is you have to pay MI for at least five years. Then, the MI can be removed at 20%. Lastly, it is best to refinance out of the FHA loan with case numbers after June 1, 2013 to a Conventional loan. I originate loans in Texas and Arkansas. I can help answer and help you determine your options. Feel free to contact me through my profile anytime. | 05.06.16 @ 19:21
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 02:12
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