Posted by Sandy on February 21, 2001 at 13:19:34:
The answer is no. Once you have 20% equity in the property, whether is is from D/P or equity already in the home, you shouldn’t have to pay a PMI. Just double check your GFE and Commitment to make sure you’re not being charged anyway. Just for the future, if you borrow more than 80% (or you don’t get an 80/15 mortgage) YOU will have to tell the bank that you’ve reached 20% and request PMI termination. The bank will not tell you.
Hope this helps.