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On my mortgage, I paid Primary Mortgage Insurance until we'd paid 20% of the note.
That's because property values were pretty flat when we were doing it.
Turns out a lot of folks are getting their PMI nuked because they own a lot more of their property than they expected thanks to property values going up.
This is where I'm supposed to condemn the people who benefit from something I don't and paid for.
Nope.
I am happy for them to have gotten over.
PS:
In case you're curious how this works...
You borrowed on a $90k house that's now valued at $180k, you own 50%.
Lots of homeowners forget about the 20% rule on PMI and just keep paying it. Unsolicited advice is to add the amount of PMI you were paying to the mortgage and save interest costs going forward.
ReplyDeleteWe have been putting extra at the principle. We're going to be paid off well before the 30 year mark because of it.
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