If You're Paying Mortgage Insurance, You May Be Able to Drop It

[Alan Walker]

I learned something really interesting yesterday. If you are paying for private mortgage insurance, the market may have helped you get out of it.

I did some digging and the median home price in Salt Lake County has appreciated 31% since the beginning of 2016 (from 275k to 360k). 31%! If you've owned your home longer than two years and are paying mortgage insurance, it may be a good time to either refi out of mortgage insurance or, depending on the type of loan you have, call your loan servicer and ask that it be removed.