Find out how to reduce your monthly mortgage payment
PMI stands for Private Mortgage Insurance. If you have a mortgage, you probably know about PMI. If the equity that you have in your home is less than 20%, you pay PMI. If your equity has gone above 20%, you are probably still paying PMI, unless you were watching your equity and have already had it removed.
If you are still paying PMI and don’t know if you qualify to have it removed, the 9 steps in the 9 steps to cancel PMI post on bankrate.com can guide you in the right direction.
The steps all have to do with determining if you currently have more than 20% equity in your house.
Check out the post, and if it helps you to make a decision to drop PMI, come back and let us know in the comments.
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