Removing mortgage insurance is something that can happen when the loan-to-value of your home mortgage reaches 80% or less. This happens as a result of two things, paying down principle and your house appreciating.
If you get to the point where you think your mortgage balance is less than 80% of the value of your home, you must call your mortgage company and ask them to remove your mortgage insurance. Mots companies will run an AVM or automated valuation model to determine the value of your home. AVMs are generally accurate but not always, so if the value comes in low and you get denied, you still have the option of ordering an appraisal.
With most if not all lenders you still have the right to hire an appraiser and get a professional assessment of value. If your appraiser comes back with the right value, you can submit that to your lender and ask them to remove the MI. They still reserve the right to review the appraisal. If after review your lender agrees with the appraised value, they will remove your mortgage insurance.
If you have any questions relating to Minnesota Real Estate and Mortgage Insurance, please contact me at 612.919.2119 or scott@uptownfinancial.com
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