Private Mortgage Insurance

Private Mortgage Insurance is put in place to protect the lender when you don't have a large amount of equity in your home.

If you had savings of less than 20 percent of the purchase price of a house then you most likely paid Private Mortgage Insurance.  The good news is, once you have a 20 percent cushion through reducing your debt you can contact your mortgage company and start the process of removing the Private Mortgage Insurance.  This could save you 1000s over the course of your loan.

Bet the banks or your lender didn't tell you this when you applied for the loan!

In other news...

Your editor is enjoying the changing of the seasons here in the Middle East.  The summer is just finishing and the weather is starting to get a lot more reasonable.  For example you can go outside without feeling like you are stepping into an oven.  It also makes it a lot more pleasurable to go for evening walks and rides with the kids.  Definately a nice time of year here!

Cheers

Rusty O'Connor