Private Mortgage Insurance. We had to have it when we bought our house. Our downpayment wasn’t big enough to avoid it.
Looking back, it would have probably been better to have rented for a while and saved money before we bought a house. But we didn’t, and we really love our house in our little town.
Therefore, even though I hate PMI more than I hate bunions, I’m glad that we have our pretty little house.
But now, after a little over nine years in our pretty little house, we’re DONE with Private Mortgage Insurance! Our monthly payment has been reduced by $39.99, plus we got a refund of $16.77. And let me tell you, forty dollars adds a lot of wiggle room to the budget. Hooray!
Did you have PMI when you bought your house? If you did, how long was it until you got out of PMI?