Guest
asked 10 months ago
2 Answers - Sort by: Date | Rating
No. You are only required to pay MI until the loan is less than 80% of its value. While the lender is supposed to automatically stop MI when your loan reaches 78% of the original value, you need to be proactive and contact your lender if you feel your loan amount is less than the 80%. With a lot of homes going down in value, I am not sure if any new laws have been enacted to cover a lender should a home's value be below it's original value at closing as it relates to the auto stop required of the lender. This rule was still in effect 2 months ago. Hope this helps.
Sincerely,
Sell My Note Guy
Sincerely,
Sell My Note Guy
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