For conventional home loans with private mortgage insurance (PMI), you no longer have to pay it once your loan balance drops to 80% of the home's original appraised value (at which point you can request cancellation) or automatically when the balance reaches 78% under the Homeowners Protection Act. For FHA loans with mortgage insurance premiums (MIP), insurance generally lasts for the entire life of the loan unless you put down at least 10% initially.
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