The average monthly mortgage cost in the United States is $1,492 per month according to data from Value Penguin. As such, it’s typically one of the largest line items on a person’s budget.
If homeowners want to reduce this monthly payment faster, there are several mortgage hacks you can implement that will save you thousands of dollars on your home loan.
Hack #1: Get Rid of PMI Insurance
Private Mortgage Insurance, or PMI, is insurance that protects the lender in case you default on your home loan. PMI is required if you have a conventional loan and make a down payment of less than 20 percent of the home’s value.
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