
Private Mortgage Insurance
- If you have a conventional loan and did not put 20% down on your mortgage loan, or have not built up 20% equity in your home, you have PMI.
- You have PMI if you have a USDA loan.
- You may have PMI if you have an FHA loan. Your closing disclosure should tell you if you have PMI on your FHA loan.
- For a conventional loan, you can request cancellation of PMI when the loan-to-value ratio of your mortgage drops to 80%. The lender is required to cancel private mortgage insurance on a conventional loan when the loan-to-value ratio drops to 78%.
- USDA loans require PMI throughout the entirety of the loan. To stop paying PMI, you'll want to look into refinancing into a conventional loan.
- PMI on an FHA loan automatically falls off after 11 years if you put 10% down.
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