Here’s a smart tip from my friend Jane Bryant Quinn’s Newsweek column:

If you put less than 20% down on your house, you probably had to buy mortgage insurance. But did you know that, once your equity in the home reaches 20% (through appreciation and/or your payments), you may be able to stop paying that premium?

Different lenders have different policies, and an appraisal fee will probably be required. But if you’re currently paying mortgage-insurance premiums and think you may qualify to stop, check with your lender. It could put you hundreds of dollars a year ahead.

(Thanks, Jane.)

 

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