 TITLE: 4 Ways to Save Money on Your Mortgage CONTENT: 3\\. End Your PMI Early\n----------------------\nIf you put less than a 20% down payment on a conventional mortgage loan, you'll typically have to pay private mortgage insurance (PMI). It's something lenders require to protect themselves should the homeowner default on their loan. Every loan and lender are different, but it isn't unusual to pay $30 to $70 per month for every $100,000 borrowed, according to Freddie Mac.\nIf you make at least a 20% down payment when buying your home, PMI shouldn't come into play—but not every homebuyer can put down that much. The good news is that you can eliminate your PMI payment once you cross the 20% equity threshold. This can be done earlier if you accelerate your monthly payments to reach that threshold faster. If you purchased your home with an FHA loan, mortgage insurance won't automatically drop off and you'll have to refinance.\nAnother option for conventional loan borrowers is to arrange for a fresh home appraisal with your lender, which will likely cost you a few hundred dollars. If your property's value has gone up, you could drop your PMI sooner rather than later as your home value is used to determine your equity. You can also consider making one lump-sum payment that decreases your loan balance enough to get you the equity you need. END