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How can you have mortgage insurance from your mortgage before 5 yrs or 60% loan to valve is reached?

  • March 10 2011 - Suffolk
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Answers (1)

It depends on the type of loan you have.  If your loan is FHA than you must retain the mortgage insurance for 5 years on the FHA loan regardless of loan to value. 

If your loan is conventional you can contact the current loan servicer and notify them that your loan is less than 80% of your homes current value and they will perform an appraisal to determine if this is the case.  PMI would be removed pending satisfactory appraisal. 

  • March 10 2011
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