Also note that mortgage insurance is based on the assessed value of the home. If your home increases in value you can request your mortgager to reassess the value to leverage new equity against what you owe. For us we needed to have at least 20% of the assessed value covered before they’d remove the PMI. It was around $500 to have the property reassessed, but it cut off years of those payments.
CharlieChop t1_itamziu wrote
Reply to comment by SFXBTPD in Many countries have a "hidden welfare state" for incumbent homeowners, as governments subsidize homeowners through the tax system. The homeownership welfare state is strongest in the US and other Anglophone countries, but weakest in the Scandinavian countries. by smurfyjenkins
Also note that mortgage insurance is based on the assessed value of the home. If your home increases in value you can request your mortgager to reassess the value to leverage new equity against what you owe. For us we needed to have at least 20% of the assessed value covered before they’d remove the PMI. It was around $500 to have the property reassessed, but it cut off years of those payments.