I was required to have mortgage insurance when I took out my mortgage. When can I cancel it?
Answers | 3
That depends on what type of loan it is. If it is an FHA loan that you recently took, the mortgage insurance will be there for the term of the loan. If it is conventional, you will likely have to keep it for at least 2 years however once you do get to a point where you have 20% equity in the property, it can be eliminated.