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Realtor.com shares, "most people with private mortgage insurance want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your already massive mortgage payments. Lenders traditionally require PMI for borrowers who put down less than 20% on a house. Of course, it’s a godsend if you couldn’t afford a home otherwise. But once you have PMI, is there any way to let it go?

For starters, let’s get one thing straight: “Mortgage insurance is neither good nor bad,” says Michael Brown, branch manager for Churchill Mortgage in Nashville, TN. “It can help people become homeowners who would not otherwise qualify because they don’t have 20% to put down. But in the long run, the removal of mortgage insurance could save home…

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