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Mortgage Insurance deletion

Hi! I'm trying to find out how to delete my mortgage insurance. Is the value only based off the original sale/appraisal amount or can I have my home appraised now and if we have less than 80% loan to value, delete the insurance?  Thanx!
  • August 15 2009 - Madison South
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Answers (3)

Profile picture for Ray Stevens
You also need no mortgage lates.
  • August 15 2009
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The laws will vary from state to state so check with your lender. In Utah a homeowner can ask for the MI to be removed if the Loan to Value is below 80%. The lender might cooperate but is not obligated to untill the original loan balance has been paid down to 80%  Unfortunately, in much of the country values have fallen so the current value is well below the original and you may find the LTV has actually risen.   
  • August 15 2009
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If you have a conventional loan, with a new appraisal. Look at your note to see if you need 78% or 80%. Once you know the LTV needed, ask your lender if you can choose the appraiser.  
  • August 15 2009
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