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Get Rid of Private Mortgage Insurance by Making Home Improvements

Get Rid of Private Mortgage Insurance by Making Home Improvements lifehacker Deadspin Gizmodo Jalopnik Jezebel Kotaku Lifehacker Video index Skillet Two Cents Vitals App directory Gear Get Rid of Private Mortgage Insurance by Making Home Improvements Melanie Pinola 8/21/13 9:30am Filed to: personal finance home ownership home improvements money saving money loans mortgages 28 3 Edit Promote Share to Kinja Toggle Conversation tools Go to permalink You don't have to refinance or wait until you've made enough mortgage payments to get rid of private mortgage insurance (PMI). Upgrades that improve the value of your home can help you save the substantial amount of money going towards PMI. Advertisement The Money Under 30 blog notes several ways to get to that 20 percent equity that would get your mortgage lender to remove PMI. One of the fastest ways to do that is to add more value to your home through upgrades, then get the home reappraised: Adding value to your home with upgrades is one way to help decrease your loan-to-value ratio. Remember, if your house is worth more money and you owe the same amount on the loan, you are getting closer to that 80 percent LTV where you can request that the PMI be removed from your loan. Before you leap, though, note that not all upgrades will raise your home's value . Kitchen and bathroom remodels (or additions) tend to have a high return on investment. Remodeling magazine's Cost vs. Value report also suggest an attic bedroom remodel, basement remodel, and/or deck addition have both high ROI and resale value. The Renovations That Up Your Home's Value (and the Ones That Don't) The Renovations That Up Your Home's Value (and the Ones That Don't) The Renovations That Up Your Home's Value (and… Is digging up the backyard to put in a pool worth it? What about upgrading a tired-looking kitchen… Read more Read more Whether or not you think PMI is always a bad move , I think we can all agree getting rid of it as soon as possible is a good one. Five Things I Wish I Had Known Before I Bought a House Five Things I Wish I Had Known Before I Bought a House Five Things I Wish I Had Known Before I Bought a… Like many other homeowners, I researched the heck out of buying my first home: what to look for in… Read more Read more How to Pay Off Private Mortgage Insurance (PMI) and Save $200 a Month | Money Under 30 Advertisement Advertisement Photo by meddygarnet . Gear from Kinja Deals Bestsellers: OxyLED Lighting This Victorinox Fibrox Set Covers All Your Knifing Needs Today's Best Deals: Massive Prime Pantry Savings, NBA Gear, Quick Charge 3.0, and More Reply 28 replies Leave a reply You may also like Lanesplitter Seemingly Good Citizen Ruins Moment By Being An Asshole Yesterday 6:45pm Jezebel Here's Tomi Lahren and Trevor Noah Having A Very Lively Chat on The Daily Show Yesterday 9:52pm Field Guide How to See Everything Your Browser Knows About You  Today 5:30am Recent from Melanie Pinola 44 42 220.8K Lifehacker · Melanie Pinola Top 10 Evil Ways to Use Technology 10/28/16 5:00pm 19 84 288.9K Lifehacker · Melanie Pinola Top 10 Ways to Hack Your Grill 5/27/16 8:00am 3 13 19.7K Lifehacker · Melanie Pinola Cook Puff Pastry in Your Waffle Iron for a Croissant-Like Treat 5/14/16 12:00pm Share Tweet About Blog Need Help? Content Guide Lifehacker Store Redirecting to the Lifehacker store in Disclaimer: You are leaving a Gizmodo Media Group, LLC website and going to a third party site, which is subject to its own privacy policy and terms of use. Continue Permissions Privacy Terms of Use Advertising Jobs RSS ©2016 Gizmodo Media Group Kinja is in read-only mode. We are working to restore service.