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home  ⟩  5 fast facts

5 fast facts about cancelling mortgage insurance

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You may be able to cancel when your mortgage balance reaches 80% of your home’s original value

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You may be able to cancel when your equity reaches 20%-25% of your home’s current value due to your home’s value appreciating

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Your lender must automatically cancel your mortgage insurance when you have 22% equity in your home

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Your mortgage payments must be current

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You’ll need to submit your request to cancel in writing to your lender — not the mortgage insurance provider

2 bonus tidbits about cancelling mortgage insurance

  • You may need to get an appraisal to verify the value of your home
  • Your lender may have additional requirements

For more information, see Are you ready to cancel your mortgage insurance?