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06-13-2001, 02:50 PM
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#16 |
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Registered Member
Join Date: Jan 1999
Location: Danbury, CT, USA
Posts: 273
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You will pay mortgage insurance, aka PMI, until you've paid 20% of the amount borrowed (principal). However, the bank/lender doesn't have to tell you when you reached this point so keep on top of it. If your home starts to appreciate, your equity will grow, and then you can have the value of the home reassessed. If your equity, which is the value of the house minus the mortgage amount, is then more than 20% of the amount borrowed, you can cancel the PMI.
I hope I made some sense. |
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