What is a mortgage insurance deletion?

Answer by  patti (29325)

Mortgage insurance deletion is when the owner is able to cancel private mortgage insurance that was required by the lender. The deletion is usually predicated on a perfect payment record of at least two years, and an appraisal of the property showing its value at a specific percentage over what is actually owed. The lender has to approve PMI deletion.

Answer by  worker8654 (33)

Mortgage insurance is required when a loan is above 80% of the property value. Deletion occurs when the buyer pays the loan down below 80% of the total loan amount.