privtae mortgage insurance: Q & A: How can I have PMI removed from my current mortgage ? - 03/01/13 06:21 AM
Know your rights for canceling PMI on your original mortgage or refi
Under certain circumstances, having sufficient home equity isn't enough. 
 
Traditionally, lenders take the position that if you have at least 20 percent equity in your home, that is sufficient security. But what if you get a loan of 90 or even 95 percent of the purchase price? Then, lenders want insurance to pay them for any loss if there is a foreclosure. If you obtain an FHA or a VA loan, you pay the government for this insurance; otherwise, your lender arranges for private mortgage insurance, and you … (1 comments)