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Home Financing Library

PMI Cancellation

Mortgage insurance can usually be canceled by the home buyer after they have at least 20% equity in the home. You should contact your lender to find out the procedure for canceling mortgage insurance if you have 20% equity. If cancellation is not requested, PMI will automatically stop once 22% equity is reached and various other requirements have been met.

Guidelines for canceling private mortgage insurance are set by regulations.