 TITLE: How to Lower Monthly Mortgage Payments CONTENT: Remove Mortgage Insurance Payments\n----------------------------------\nIf you took out a conventional loan with PMI, or a government-backed FHA or USDA loan with a mortgage insurance premium (MIP), removing the insurance can lower your monthly mortgage payments.\nWith a conventional loan, the PMI will be automatically removed when you're scheduled to reach 22% equity—meaning the principal balance is at 78% of the home's original value. However, you can request to cancel PMI earlier—when you reach 20% equity.\nIf you're over 20% equity because your home's value has increased, you may need to pay for a new appraisal and then request to cancel your PMI based on the current balance and value. Alternatively, you could refinance the loan and may qualify for a PMI-free mortgage.\nFor borrowers who took out an FHA loan after June 2013, the MIP will be removed after 11 years if you put at least 10% down. If you put less down with an FHA loan, or have a USDA loan, the only way to remove the MIP payments is to refinance with a different loan that doesn't require mortgage insurance. END