What You Need to Know About Canceling Mortgage Insurance (MI)
When can I request to cancel?
When the mortgage balance of a loan subject to the HPA is first scheduled to reach 80% of the home's original value, the homeowner may request that the lender cancel their BPMI.
What do I need to request BPMI cancellation?
To cancel BPMI, you should first contact your mortgage servicer to confirm what information is required and to confirm specific cancellation requirements. This may include supplying additional information on the home or loan and having an appraisal.
Do I get a refund?
You may be eligible for a refund of mortgage insurance premiums when your MI policy is cancelled. It depends on which type of MI product you have, and other certain conditions. Consult your lender about your particular situation.
Contact Me for More Information
Reach out via phone, 208-277-8627, or email if you'd like to learn about your MI cancellation options.