PMI is Gone!!
I finally reached 78%LTV (loan to value) on my home. That means no more private mortgage insurance (PMI) and I cannot be more excited!!! My PMI payments were $115.37 a month. My first payment on this mortgage was on July 1, 2013 and it took me 6 years to reach 78%. I plan to use that $115 a month to save for expected home repairs such as a new AC unit (pretty much a necessity in Florida). I am already paying an extra $448 a month extra in principal each month. The crazy part is that I reached 78% early. I reached 80% LTV at the end of January 2019. According to my mortgage payment, I was not supposed to reach 80% until September of 2020. . I've already paid thousands for PMI since 2013. Imagine if I followed the schedule put forth by the mortgage company. The process for reaching 78% LTV was simple. I just paid extra principal payments on my mortgage each month. At the beginning of February I received a letter from...