Stop Wasting Money on PMI – Here’s What to Do!
PMI, or Private Mortgage Insurance, is an extra monthly cost that many homeowners overlook. If you have reached 20 percent equity through paying down your loan or increased home value, you may be able to remove PMI and lower your mortgage payment. All it takes is confirming your equity, asking your lender to cancel it, and completing an appraisal if required. Dropping PMI can mean real monthly savings and possibly tax benefits as well.