Reported 11 months ago
Private Mortgage Insurance (PMI) is an often overlooked cost in mortgage payments, serving to protect lenders in case homebuyers default on their loans. While PMI is typically automatically canceled when reaching a 78% loan-to-value ratio, homebuyers can take steps to cancel it early by getting a new appraisal, refinancing, or increasing mortgage payments. This insightful video from Yahoo Finance provides expert advice on navigating PMI costs and maximizing savings.
Source: YAHOO