Once you have built up 20% equity in your house, the Homeowners’ Protection Act of 1998 assures that you have the right to request the cancellation of your Home Mortgage Insurance. When the equity reaches 22%, the lender is required to the cancel the insurance or face payment of fines and your legal fees. The lender is also required to return any Home Mortgage Insurance premiums you pay after equity reaches 20%.
When your home purchase closes, your lender must advise you in writing that you have private mortgage insurance included in your mortgage. Every year, the lender must advise you when you can cancel your mortgage insurance. This law affects all mortgages enacted from July 29, 1999.
Why it pays to let LM Financial help you find the best, most affordable mortgage insurance
We will contact you promptly.
We will never sell your personal information to anyone.
Our computerized quote database accurately determines the coverage you qualify for.
You will get quotes from several highly-rated insurance companies, to make sure you get the best coverage at the best price.
We will assist you in getting your life insurance policy issued quickly and efficiently.We are committed to providing excellent customer service and the best term life insurance.
