Eliminating Private Mortgage Insurance

Is PMI Necessary

Private mortgage insurance (PMI) is charged to homeowners when they don't have a 20% down payment. Unfortunately, some homeowners unknowingly pay this insurance for many years after it is no longer needed and could end up paying an extra $5000 or even $10,000 or more in useless insurance premiums

You have to insure your home. But do you really have to insure that mortgage too? According to money expert Stacy Johnson, for many people, it's expensive and unnecessary.

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