Borrower-paid private mortgage insurance can be cancelled, lowering the monthly mortgage payment. Find out about eligibility conditions, and the 2 ways it can be cancelled under the Homeowners Protection Act of 1998: automatically or by request.    

Resources:

• Cancelling mortgage insurance
• Handout for borrowers: How to cancel mortgage insurance

Chapters:

0:11 - Intro to MI cancellation

0:38 - The Homeowners Protection Act (HPA)

1:30 - Borrower-requested MI cancellation

2:29 - Automatic MI cancellation

2:59 - MI cancellation based on current value

4:02 - Unearned MI premiums

4:55 - Legal disclaimer