MI Basics
Cancelling MI

Use us, then lose us!

A diamond may say "forever," but MGIC does not. When MI is no longer required — typically when your borrower builds up enough equity in the home — coverage can be cancelled.

Investors establish criteria for private MI cancellation, and most will cancel private MI upon request for borrowers who have a good payment history and more than 20% to 25% equity, and who have had their mortgage for at least two to three years.

Under federal law, private MI on most loans made on or after July 29, 1999, will end automatically on the date the mortgage is scheduled to reach 78% of the original value of the house. See our Homeowners Protection Act brochure (.pdf) for more details.

Find out more about cancelling MGIC MI.