Can Mortgage Insurance Be Canceled
What is mortgage insurance? PMI is an insurance product that will repay your mortgage if you’re unable to. It’s designed to protect the lender in the event of default, as with this kind of insurance in place, they’ll still get the majority of the money owed to them, even if you can’t pay it. Given that mortgage insurance premiums can cost anywhere from 0.3% to more than 2% of your mortgage balance (depending on various risk factors), it can easily add hundreds of dollars to your monthly repayments, so it’s little wonder that so many Americans want to get rid of it....