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 Cancel REQUEST to CANCEL MORTGAGE INSCRIPTIONS 2018-2025

2018-2025 Form

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[Music] hi I'm Danny Poulos with the elite lending team now we're going to handle one of the most frequently asked questions today regarding private mortgage insurance so people often ask how do I cancel the mortgage insurance on my loan and here's a scenario let's say you borrowed the maximum loan amount for a conventional loan which this year is four hundred eighty four thousand three hundred fifty dollars depending on your credit score if you put just three percent down your mortgage insurance payment is going to be about five hundred dollars a month so that's a month after month the good thing about conventional financing is that is not for the life of the loan as it is on FHA loans if you were to make your regularly scheduled payment every year it would take you about twelve years to have your loan amount seventy eight percent your loan balance seventy eight percent of your original loan amount and that's when your mortgage insurance must be cancelled so ho

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