I've been paying Mortgage Insurance for years. How long do people usually have to pay it?
Answers | 3
That depends on the type of loan you have. If it's an FHA loan, the new guidelines state that the MI will stay on for the life of the loan. If it is conventional, it will generally be for somewhere around 5 years. However with a conventional loan, once you reach a 20% equity position (by principal reduction or market appreciation, or both), you can call your servicer to have it removed in most cases.