NLIC.org

Lillie Said:

How much insurance do you pay?

We Answered:

You are probably paying mortgage insurance (MI) because you have not hit the 20% ownership threshold. The 20% threshold is what is commonly used here in the US to determine whether to force MI on you or not. Then again, not every mortgage company does this. ING Mortgage does not charge MI, for example.

I personally understand the reason why mortgage companies impose MI but I also suspect that it's a great money spinner for them. You could try negotiating with your mortgage company to seek a reduction but your chance of getting away with this will depend in part on your repayment history, whether you're close to the 20% threshold (or equivalent % in the UK), etc.

Diana Said:

NJ private mortgage insurance?

We Answered:

If you go on Topdot.com, they'll be able to help you out. They can answer questions for you on the phone or in a live chat.