What exactly is PMI and how can I get rid of it?

PMI is the common abbreviation for for Private Mortgage Insurance. It covers the lender in the event a borrower defaults on the loan and the market price of the house is less than the loan balance. Once you can prove the amount you owe on your home is less than 80% of the home's market value, you can make a case to your lender to drop the PMI.

Does your monthly house payment have a lineitem for PMI? Call RICHARD KANE & ASSOCIATES LTD. today at 413-525-6398 or send us an e-mail. Documentation of your home's present value could save you thousands.