Thread: How long do I have to pay for PMI?

Hello,

I had taken a loan about 2 years ago and have been repaying my installments regularly. As far as I remember I am also paying the premiums for the Private Mortgage Insurance (PMI) but how long would it continue as now my loan balance would have reduced after paying 24 installments. Does anyone have any idea?

Thanks

I think it's only as long as your loan-to-value is more than 80%.

Hey, that post just made me a gold belt

Well the PMI payments are supposed to be dropped from your mortgage when your LTV falls below 80% and as a homeowner you should know about the laws in place. I may not very sure of the laws currently in force but I would suggest you to visit the site PMI Insurance |What is PMI | Private Mortgage Insurance which maintains a lot of information regarding PMI and I am sure you would be able to find the answers to all your queries regarding PMI there!