How long must we pay for mortgage insurance if we end up putting down 10% of the mortgage

Depends on the loan program... If an FHA loan, at least 11-years. On a conventional loan, either until you reach 78% through payments only, or through appreciate (and payments), you can ask to have it removed at 80% loan-to-value, as long as you've made at least 24 payments. As your Loan Officer about single premium PMI... It may be better for you than monthly mortgage insurance. If they don't know what single premium is, contact someone else. www.Minneapolis-Mortgage.net

Im a bit confused.If you put down 10% of the purchase price, the PMI will be paid until you get to 20% equity. If you think your value went up then it could be worth investigating.If you are about to put a large lump sum into the mortgage to get to 20% equity, then the pmi should drop off but you need to check with the company you pay your mortgage to as there is a process to request PMI be discontinued.I'd be happy to help you figure out if you contact me through my profile.

I am assuming that with 10% down you will use a conventioanl mortgage. MI is lifted if you naturally pay your principle balance down below 78% loan to value(LTV), based on the appraised value at the time of purchase. A $200,000 purchase price, creating $180,000 Mortgage would naturally be below 78% LTV in about 7 years. You can opt out of mortgage insurance early, for more infomation on this goto http://www.privatemi.com/loanoptions/benefits/cancelable.cfm

Hi Louise, Please be cautious as you move forward. Most lenders now require you to be at 78% Loan to Value before you can request that your MI be reviewed. They will also most likely require a full appraisal unless you were to pay off a large portion of the balance/down payment, at one time. Additionally, since June of 2013 FHA has mandated that all their loans will carry PMI for the Life of the Loan. The only way you can get rid of mortgage insurance on any loan that was originated with the Federal Housing Administration after June 2013, is to refinance out of that product. You do have some choices if that is the case; the 1st would be a conventional Fannie Mae mortgage, or a Mass Housing rate and term product, also some local banks, such as my employer,will offer you an option of one of our portfolio loans -qualification guidelines would still apply- I work for Randolph Savings, we are a MASS lender that makes local credit/underwriting decisions, and employs MASS Residents. Feel free to look at my profile on this site, or you can call me directly at 781-437-6500, if you prefer email then send it addressed to ccouchon@randolphsavings.com Thank you and Best of Luck!Chris CouchonNMLS ID # 981029

Until you reduce the mortgage balance to 78% to 80% of original purchase price, or appraisal, whichever is less.

Hi Louise, You would have to carry PMI till you reach 78% of principal balance on a conventional loan and FHA loans now carry PMI for the life of the loan, Your best option is to do a one time lump sum buyout of the PMI so call me to discuss 508 802 0935 or email robertoliveira51@gmail.com. I am a local mortgage professional. Thank you Robert Oliveira Province Mortgage Associates

To clarify on the other comments: conventional - you would pay until you reach 78% LTV based on value at time of loan - which would be right about 7.5 years (this was the general program in years past).FHA - would be minimum 11 years, and rate of mortgage insurance is higher, so I would highly recommend avoiding this.