There are two kinds of homebuyers: those for whom the sales price is the main consideration, and those who are mostly concerned with what it will cost them per month. If you’ve already bought a house, there isn’t anything you can do about the sales price. But there may be ways to lower what you shell out monthly.
Want to lower your mortgage payment? Here are a few ways to do it.
Get Rid Of Your Private Mortgage Insurance (PMI)
“PMI is the lender’s (bank’s) protection in the event that you default on your primary mortgage and no longer make payments and the home ends up going into foreclosure,” said Investopedia. “If the borrower is unable to put down 20 percent or more, or does not have the required funds to do so, then lenders will typically look at the loan as a riskier investment for their balance sheet and will require a PMI payment from the borrower.”
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