Get rid of you private mortgage insurance

Do you want to get rid of your private mortgage insurance (PMI)?

PMI is usually added to the mortgages of those who put less than 20 percent down when their purchase their home. So, if you did put 20 percent down, you shouldn't have PMI in your mortgage. If you do, ask for it to be removed immediately.

If you have owned your house for more than 2 years and you think you have now paid down 20% of the cost of your home, you can also ask to have your PMI removed, although new laws should make this happen automatically in most circumstances.

If you haven't paid down 20%, but the value of your home has gone up significantly, then getting an appraisal might demonstrate that you qualify for ending your private mortgage insurance. Click here for more information.