Stop Paying PMI Insurance!
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Private Mortgage Insurance (PMI) is a monthly charge you incur if your down payment from your home is less than 20% of the appraised value or sales price. By getting PMI you will be able to have a lower down payment because the bank is protected against you losing money.

Rates of PMI vary depending on any number of factors, but lets do some basic math:

Lets say that the average median home in America costs $350,000. To put down 20% would require a down payment of $70,000. That's a lot of MONEY!

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So lets say then that you can only put down $35,000 which is 10% of your loan. The bank then takes that $315,000 and multiplies it by .005%. That means annually you are paying $900 or $131.25 EVERY MONTH.

Banks are by law required to notify a consumer when they have reached 20% equity in their home, but you need to keep track of these numbers. Once you have reached 20% you can get an appraisal and waive this monthly fee. Your return on an investment to get an appraisal could be less than 2 months!
 
Over 50% of all mortgage loans have mortgage insurance (PMI).
A 1998 federal law requires lenders to allow you to drop your PMI once you have 20% equity in your home.
To drop your private mortgage insurance you may need an appraisal by a state certified appraiser. Any  improvements you have made since purchasing your home will be reflected in the report.
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How much can I save?
Contact your lender for the specific amount. PMI rates typically vary between $0.35 - $0.80 per $100 (based upon your loan amount). The table below has several examples.