09-13-2010, 10:08 PM
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Automatic cancellation of Private...
...Mortgage Insurance (PMI) in Illinois? I have property in Chicago, and if I were to make a large payment towards the principal of my mortgage, the mortgage would then be paid down to 78% of the ORIGINAL BALANCE. Would this automatically terminate PMI, or would I still have to have an appraisal and submit a written request to cancel PMI? Thanks.
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