Being smart about your prescriptions can. mortgage. Many seniors assume that their. How to Stop Paying Mortgage Insurance – Budgeting Money – A lender charges mortgage insurance, also called private mortgage insurance (pmi), for a loan when the borrower didn’t pay a sufficient down payment to buy the house. In many cases, a lender wants a.
That’s a big deal, because when large numbers of owners do the opposite – stop paying on their. that cushion functions as an insurance policy should anything threaten their ability to pay the.
One way to get rid of PMI is to simply take the purchase price of the home and multiply it by 80%. Then pay your mortgage down to that amount. So if you paid $250,000 for the home, 80% of that.