Do I Have To Have Mortgage Insurance If Not Am I Able To Cancel It If I Already Have It?
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Generally, mortgage companies will require mortgage insurance if you owe 90% or more of the value of the home. Say your house is appraised at $500,000. If you owe $450,000 or more, they will require the mortgage insurance. Check with your bank. If your loan to value ratio is low enough they will allow you to cancel it. If not, consider refinancing with someone who might give you a better rate and not require it.
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