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What is Private Mortgage Insurance? Can I cancel it?

April 26, 2017cancel private mortgage insurance

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What is Private Mortgage Insurance? Can I cancel it?

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Private Mortgage insurance is insurance that protects a lender in case of a default. Only certain loans require this insurance. If you have this insurance, you would have been informed when you signed your loan documents. The insurance coverage can only be cancelled if certain conditions are met. Your request must be submitted in writing to our PMI Compliance Department and the conditions will be sent to you. A current appraisal (at your expense) may be required.