If you bought your home in the last few years with a low down payment, there is a good chance you have PMI or Private Mortgage Insurance. Generally speaking, people who purchase with less than 20% down payment and not an FHA loan, carry this insurance which
protects the lender in case of a default by the borrower.
The good news is that if your loan is less than 80% of your home's current value, then your PMI can be removed, saving you hundreds of dollars per month.
Since home values have increased by 30% to 50% in some areas over the last couple of years, the chances are very good that you can get your PMI removed. Talk to your lender to find out the details.
Normally, an appraisal from a licensed or certified appraiser showing the current value is all that is need to eliminate PMI.
If you have any questions about your situation, feel free to call me any time at 760-525-2742. Thanks for reading!