Do I have to pay private mortgage insurance forever, or can I get rid of it?

Short answer: on a conventional loan, no. PMI is what a lender adds when you put less than 20% down, and you can get it off once you build equity. Two main ways:

• Ask at 20% equity. When your balance reaches 80% of the home's original value, you can request in writing that your servicer cancel it.
• It drops on its own at 78%. Under the Homeowners Protection Act, your servicer removes PMI automatically once the balance reaches 78% of the original value, as long as you're current.

A new appraisal showing you have gained enough equity can sometimes speed this up, subject to your servicer's rules.

FHA loans are the exception: on most, the mortgage insurance stays for the life of the loan, and the usual way out is to refinance into a conventional loan once you have the equity.

Not sure which kind you have? Gene can check and lay out the timeline.

General information, not a commitment to lend or advice for your specific loan.

Gene Richter, MLO, NMLS #2806488 | PBT Bancorp, NMLS #257781. General information, not a commitment to lend. Equal Housing Opportunity.