According to federal law,private mortgage insurance on most loans ends automatically once the mortgage is paid down to 78% of the original value of the house.

Question

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This is stated in the Homeowners Protection Act of 1998 (HPA), which requires that private mortgage insurance (PMI) be terminated automatically when the homeowner’s equity in the home reaches 22% of the original purchase price, based on the initial amortization schedule.

According to Federal Law,private Mortgage Insurance on Most Loans Ends