Many new borrowers and current homeowners who have recently purchased will be subjected to PMI or private mortgage insurance. When you take a mortgage with less than 20% downpayment you will be required by the lender to have private mortgage insurance with your loan. You can eliminate your PMI when you have obtained 20% in equity in property either via paying down the mortgage or by benefiting from a rising market value of your home. If you think your home has risen in value, and you now have 20% or greater in equity, you will may be able to cancel...
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