Image courtesy of hywards from www.freedigitalphotos.net
If you are paying PMI (Private Mortgage Insurance) stop it as quickly as possible! PMI is insurance a lender charges if your down payment on a home is less than 20 percent of the appraised value or sale price. The following article by Consumer Financial Protection Bureau has ways to remove PMI from your life. Take action on this! If your balance is too high, make extra principal payments to pay the mortgage down as quickly as possible. You can do this! Even after the balance is low enough to remove the PMI you could continue to pay down your principal with those extra payments.
Of course in a perfect world you wouldn’t have a mortgage at all. Just imagine…it can happen!
Are you mortgage free or plan to be? If so, please comment on what it means to you!