Tip of the Day

Get rid of PMI (Private mortgage insurance) as soon as you can. If you put down less than 20% of your house, you are more than likely paying PMI. Once the debt is paid down enough (make extra principal payments to speed this along) and the house price has appreciated enough to where you have at least 20% equity in your home, contact your lender and get them to get rid of the PMI.

PMI costs between 0.5% to 1% of the entire loan amount on an annual basis. On a $100,000 loan this means the homeowner could be paying as much as $1,000 a year, or $83.33 per month - assuming a 1% PMI fee. With the average home price currently at $152,000, that means families could be spending $125 a month on the insurance. That's a decent chunk of change.

***all posts applying to my family only - your results will be different***

your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI. - See more at: http://www.doughroller.net/smart-spending/51-painless-money-saving-tips/#sthash.kNnB466N.dpuf

Get rid of Private Mortgage Insurance. If your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI. - See more at: http://www.doughroller.net/smart-spending/51-painless-money-saving-tips/#sthash.kNnB466N.dpuf

Get rid of Private Mortgage Insurance. If your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI. - See more at: http://www.doughroller.net/smart-spending/51-painless-money-saving-tips/#sthash.kNnB466N.dpuf