How to get out of mortgage insurance after the mortgage started

[Yves Bourdeau]

Hi,

If I didn't have enough down payment to cover 20% of my mortgage, I obviously had to add mortgage insurance to my total loan.  When I'm able to accumulate more savings, other than refinancing my mortgage and costing $4000 to $5000 closing fees, is there another way to get rid of the mortgage insurance portion on my loan?  I'm in Canada in case that makes a difference with the regulations or laws.

Thank you,

Yves

[Trevor Davis]

There is something called "recasting" a mortgage. You can put down a chunk of money and they recalculate your monthly payment accordingly. I plan on doing this when I get within striking distance of meeting the 20% threshold.

I'm not sure how ubiquitous this option is, so you'd have to see if this option is available to you.