5 fast facts about cancelling mortgage insurance

1. You may be able to cancel when your mortgage balance reaches 80% of your home’s original value
2. You may be able to cancel when your equity reaches 20%-25% of your home’s current value due to your home’s value appreciating
3. Your lender must automatically cancel your mortgage insurance when you have 22% equity in your home
4. Your mortgage payments must be current
5. You’ll need to submit your request to cancel in writing to your lender — not the mortgage insurance provider

2 bonus tidbits about cancelling mortgage insurance

• You may need to get an appraisal to verify the value of your home
• Your lender may have additional requirements