Cancellation
PrivateMI is there only as long as it’s needed. A loan with PrivateMI has a host of advantages over other financing options, but that doesn’t mean you’ll always need it — and it can usually be canceled when the homeowner acquires 20% equity in the home. In fact, 90 percent of borrowers cancel their PrivateMI within 60 months.
Neither lenders nor mortgage insurers want borrowers to pay for PrivateMI any longer than is absolutely necessary. That’s why we’re providing this free information to help you through the cancellation process.