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What is Private Mortgage Insurance (PMI) and can it be cancelled?

April 26, 2017cancelled PMI private mortgage insurance

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What is Private Mortgage Insurance (PMI) and can it be cancelled?

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If your mortgage loan has private mortgage insurance (PMI), the premiums may be included in your monthly mortgage payments. PMI insurance reduces Charter Bank’s risk in the event of default, and is different from the hazard insurance required under the terms of the mortgage. Conditions of Cancellation Monthly PMI premiums may be cancelled under very specific conditions.