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How to Dump Your Private Mortgage Insurance
By reinvestor on December 9, 2015
Courtney Keating/iStock
If you want to buy a house but can’t pay 20% of the cost upfront, a lender will want you to have private mortgage insurance. PMI protects the lender from loss if you can’t make payments on a loan with less than a 20% down payment.
PMI increases a borrower’s monthly mortgage payment, which is why most borrowers don’t want to shoulder it. Short of saving up a sufficient down payment, however, there are only a few ways to avoid PMI or get rid of it.
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