How long do you have to pay mortgage insurance?

+1 vote
asked May 21, 2018 in Insurance by Suliea (340 points)
How long do you have to pay mortgage insurance?

1 Answer

0 votes
answered May 22, 2018 by Gracy (125,580 points)
It depends on how many years your mortgage is for.

If you have 15 year mortgage you have to pay 78% of the mortgage off before being able to cancel the mortgage insurance.

If your mortgage is a 30 year mortgage then you also need to pay off 78% of the mortgage plus have 5 years of payments paid into the home mortgage.

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