Private Mortgage Insurance
Published On: May 11, 2010
If you have owned your home for a period of time and your initial down payment was less than 20% of the purchase price, you have probably been paying for Private Mortgage Insurance (PMI). Once you have reduced your loan amount by 20%, you no longer have to have PMI. But lenders sometimes do not tell you when that occurs! Be sure to ask your lender about PMI and whether it is still required on your account - if not, start the process for removing PMI. You will save $$$!
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