NLIC.org

Rachel Said:

how do i get my personal mortgage insurance cancelled,as i have more than 50% equity.The lender says no.?

We Answered:

Contact your state Banking Department. They will have information on your state's lending practices. If your mortgage has such a restriction, it will be worth your time to refinance and get a lower rate and no mortgage insurance. Good luck!

Rene Said:

Can a private individual get mortgage insurance? If so, how?

We Answered:

I would go to a company like www.mgic.com and call their helpline to see if they'll offer PMI for a seller financed deal. They'll definitely want to underwrite the loan prior to issuing the insurance.

Glenn Said:

Mortgage insurance, do I still need it??

We Answered:

Yeah, ask your lender... but PMI is for your bank's benefit, not yours... and it's based on the loan to value ratio... so depending on your lender, they require PMI if your loan is greater than 80% of the value of your house... since your LTV ratio is considerably less than 80%, ditch that PMI and get a raise!