2826: A Simple Way To Reduce Your Mortgage Payments by Kumiko of The Budget Mom on How to Remove PMI
Optimal Living Daily - Personal Development and Self-Improvement
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How to Get Rid of PMI
Once your loan balance reaches 80% of the home's original value, you can call your lender and ask them to cancel it for you. General law requires the mortgage lender to let you know at closing how long it will take you to reach the 20% equity threshold. If you didn't put anything down, then this could take several years. Take extra payments on your loan. Even an extra $50 a month can substantially reduce the term of your loans.
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