Mortgage FAQ: Does the Mortgage Insurance Requirement Go Away After a Certain Period of Time?
"I HAVE AN FHA MORTGAGE AND I’M REQUIRED TO PAY MORTGAGE INSURANCE. I’VE HEARD THAT THE INSURANCE REQUIREMENT WILL BE AUTOMATICALLY CANCELED AFTER A CERTAIN AMOUNT OF TIME. IS THIS TRUE?" Although the mortgage insurance premium (MIP) on some types of FHA loans is canceled after a set number of years, many types of FHA mortgages have insurance premiums that last for the entire loan term. For example, if you made a down payment of less than 10 percent on a 30-year FHA loan—a fa