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QUESTION: What is mortgage insurance and why is it an additional cost?
January 16, 2019
QUESTION: What does LTV mean? I keep hearing this term and want to know what it stands for.
January 16, 2019

QUESTION: I have lived in my house for a couple years now and I have more equity now. When will my Mortgage Insurance fall off my loan?

Answer:

If you have a conventional loan it will automatically fall off at 78% loan to value. On FHA loans, it does not go away! If you have built in equity, you can ask your servicer if they can do an appraisal and remove it, or you can just refinance it and eliminate it at 80% FHAs would have to be refinanced.

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