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When can I remove my mortgage insurance???
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 certain rules where mortgage insurance must be eliminated after a certain period of time - and under certain conditions.
Dropping Conventional Mortgage Insurance Rules:
Automatically Deleted When:
Mortgage balance is reduced to 78% LTV LTV based upon ORIGINAL VALUE Based SOLEY on regualr amortization ( not prepayment of principal ) Mortgage payment must be current You Request Mortgage Insurance be Deleted
Mortgage balance is reduced to 78% LTV Submit cancellation request in writing Good payment history Current on mortgage payments Appraisal or Certification that property value has not decreased BELOW the original value No 2nd liens or subordinated loans ... more

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