Eliminating Private Mortgage Insurance

The speaker discusses private mortage insurance, or PMI, and talks about its heavy costs (typically .5% to 1%).  He suggests that borrowers can pay down their mortgage below 80% LTV to remove the insurance premium or refinance their loan if the price of the house has moved higher. 

If you are paying PMI and your loan balance is below 80% of the price of your home, call the lender immediately and ask them to remove this charge.  Also, check the prices the homes in your area to see if you could refinance with a loan to value ratio of less than 80%.
Tim Ord
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