If you’re buying a home for sale in Riverview and will have to pay private mortgage insurance, or PMI, you’re probably wondering how long you’ll have to make these extra payments.
How Long Do You Have to Pay PMI?
For a conventional loan, you won’t have to pay PMI for the full length of the mortgage. However, you will have to pay it until you’ve paid the mortgage down to 78 percent of the home’s value when you purchased it. At that point, on a conventional loan, your lender is supposed to automatically cancel your PMI (provided that you’ve met the conditions specified in your contract0.
You can find that date on the PMI disclosure form that your lender included with your mortgage paperwork, or you can call your lender to ask.
In some cases, you can even ask your lender to cancel your PMI earlier – especially if you’ve made additional payments and you’ve paid down your loan to 80% of its original value.
You have to put your request in writing and you must be current on your mortgage payments. Your lender might ask you to verify that you don’t’ have a second mortgage, and it might require a new home appraisal – and still, your lender might refuse your request.
Are You Buying a Home in Riverview?
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- Riverview homes for sale over $1,000,000
When you’re ready, call us at 813-961-6000. We’ll help you find the right home for your needs!