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Mortgage Library: Ask a Mortgage Related Question: Answers: Mortgage Insurance
I have been paying mortgage insurance for over 2 years. Our credit is very good. When can I stop paying this monthly payment?
Value of home approx. $300,000.00, owe approx. $265,000.00.
Private Mortgage Insurance is required if the down payment on a purchase is less than 20%. This insurance is provided by a private insurance company and protects the lender should the home owner default on the house payments. When a home owner's loan amount fall below 80% loan to value they may submit a request to their bank to eliminate the Mortgage Insurance.
LTV can be calculated by dividing the loan amount by the current value of the house.
If you have any other question please call: 800-473-0863.
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