How long do I have to pay for PMI?

Shane49 · Joined: 06 Dec 2007 Posts: 1

Hello,

I had taken a loan about 2 years ago and have been repaying my installments regularly. As far as I remember I am also paying the premiums for the Private Mortgage Insurance (PMI) but how long would it continue as now my loan balance would have reduced after paying 24 installments. Does anyone have any idea?

Thanks

Vincenzo24 · Joined: 07 Dec 2007 Posts: 2

Well the PMI payments are supposed to be dropped from your mortgage when your LTV falls below 80% and as a homeowner you should know about the laws in place. I may not very sure of the laws currently in force but I would suggest you to visit the site www.mortgagepmi.com which maintains a lot of information regarding PMI and I am sure you would be able to find the answers to all your queries regarding PMI there!

lilies34 · Joined: 09 Jan 2008 Posts: 3

i'm not really sure how long. did you try talking to your lenders about it? but it would be better if there's no more PMI so that your monthly bills would be lowered! the faster you pay all your debts the better! that's why i stick to a payday loan coz the term is shorter and there's no PMI. Very Happy

spencer24 · Joined: 14 Mar 2008 Posts: 6

In the beginning of your mortgage loan very little goes toward repaying the principal of the mortgage, that's why if you put a really low down payment, you will need more than just 2 years to reach 20% equity...