mortgage insurance

Can I use the current value of my home to eliminate mortgage insurance on my Conventional mortgage?

Jan 24, 2025 3 min read mortgage insurance

Yes, you can use the current appraised value of your house to help eliminate mortgage insurance on a Conventional mortgage. However, you will most likely need 25% equity vs the normal 20% for the mortgage servicer to approve the elimination.

Can mortgage insurance ever be removed on an FHA mortgage?

Jun 21, 2024 3 min read fha

For FHA mortgages orginated after June 2013, mortgage insurance stays on the mortgage for the life of the mortgage. Except if you put 10%+ down payment when you orginated the mortgage, then mortgage insurance drops off after year 11.