Hi Kenneth,
The short answer is no.
Your original loan terms should state how the mortgage insurance removed.
Typically, it is when you pay the original loan balance down to 78% of the original purchase price. Some loans allow for an appraiser to determine if the threshold is met. But before you start preparing for an appraisal, ask the lender whether this tactic will work to get rid of the mortgage insurance on your loan.
You can read more about cancelling mortgage insurance on the Gustan Cho Team website here:
https://gustancho.com/how-to-cancel-pmi
~Quiana Williams
Quiana@USA-Mortgage.com
PH: (760)440-8844
Download the mobile app to get started today:
Http://mtgpro.co/QTERA