Question by milisa c: How long do you have to pay Mortgage insurance on FHA loans?
I have been paying mortgage insurance for about four years now and my house payment keeps going up. Yes I have a fixed interest rate.
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Answer by delete
30 years
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You can usually drop the PMI once you have 20-25% equity in your home. Check with your mortgage company. (You may have to pay fro an appraisal to verify the value of your home & determine the actual equity).
Unfortunately FHA mortgage insurance is for the life of the loan. If your payment keeps going up and you have a fixed rate mortgage it would have to be going up because of an increase in your real estate taxes or your homeowners insurance. If you have been in the house for four years and have a good payment history you may want to consider refinancing to a conventional loan. If your house will appraise for enough to show that you have more than 20% in equity you may be able to refinance on a conventional and not pay any mortgage insurance.
David
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