2006-10-25 02:51:57 · 4 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
When you have reached 20% ownership of your house. You can speed up the process by adding fifty dollars onto your house payment every month, and designating the extra money to pay off the principal of the loan, not interest.
2006-10-25 02:59:30 · answer #1 · answered by Brian L 7 · 0⤊ 0⤋
Depends on your mortgage company. You can have it appraised again and if you have 20% equity in it, it will come off. Some companies require you to wait a certain time after the original closing to do this.
2006-10-25 09:55:46 · answer #2 · answered by salter 2 · 0⤊ 0⤋
Generally you can cancel it when you pay down the loan to a certain amount. You should check with your lender as to what amount that has to be.
2006-10-25 09:56:29 · answer #3 · answered by beeotch 3 · 0⤊ 0⤋
Where I live, in Indiana, it's when the loan is paid off 20%
2006-10-25 09:55:31 · answer #4 · answered by rebecca_sld 4 · 0⤊ 0⤋