PMI - What is it?

Private Mortgage Insurance - it is an insurance policy that protects the lender in case a borrower defaults on the loan, and the value of the house is lower than the loan balance.

PMI - How did I get it?

You put less than 20% down on your house when you purchased it.

PMI - Who pays for it? 

You do.  Every month, as part of your mortgage payment.

PMI - How much is it costing me?

Apprxoimately $40-$50 per month per $100,000.

PMI - Who benefits from it?

The lender.

PMI - How do I get rid of it?

You turn in an appraisal performed by a Certified Appraiser that verifies your home's value is at or below 80% of the loan along with a request to remove the PMI.

For more information on PMI and the Homeowners Protection Act, try one of these links:

Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year

Private Mortgage Insurance (PMI): Law Requires Lenders to Cancel PMI