Options for getting rid of private mortgage insurance

Source: Ilyce Glink & Samuel J. Tamkin, Washington Post (Paid Registration)

Unfortunately, you can’t just get rid of mortgage insurance unless you take certain steps to do so. The first option is to simply refinance the loan.

Your lender can give you a list of what you must do to eliminate PMI from your loan. You should also talk with a few other lenders to see what your options are. If you’re looking for your best money move, it’s this: Shop around and then compare what kind of home loan you qualify for (including payments and fees) with what you’ll have to pay to get rid of PMI.

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