Most lenders require you to pay private mortgage insurance (PMI) premiums for as long as you owe 80% or more of your home\’s value. This insurance protects your lender in case you default on your mortgage, although you\’re the one paying the premiums. While most homeowners can quit making these payments once they pay down their mortgage, if one of the following scenarios applies to you, those premiums might keep racking up for years to come.
1) You have an FHA or VA Loan
Home loans through the Federal Housing Administration or Department of Veterans Affairs generally require homeowners to maintain private mortgage insurance for the entire duration of the loan.
2) You’ve Paid Late
The more you know about mortgages and loans the better off you will be when you are buying a home. Whether you are buying Real Estate in Ventura, or somewhere else, educate yourself and work with someone you trust. Check references!
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