conventional: When can I remove my mortgage insurance???
- 05/08/11 12:47 PM
If you have a conventional mortgage, and put less than 20% down when you purchased your home ( or less than 20% equity when you refinanced your home ) your monthly payment includes "mortgage insurance". Depending on your interest rate, for a 30- year term mortgage and if you put 5% down payment, it will take approximately 11 years to reach 78% loan to value; with 10% down, it will take you about 9 years, and with 15% down, 6 years. If you have an FHA mortgage, mortage insurance is automatically included in your monthly payment. Both types of loans have … (3 comments)
If you have a conventional mortgage, and put less than 20% down when you purchased your home ( or less than 20% equity when you refinanced your home ) your monthly payment includes "mortgage insurance".
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