You should look into the way you pay your mortgage. Check with your lender and find if you have the legal right to pay extra on principle every month, even weekly, biweekly or yearly payments . Be sure the extra payment is credited against the principal and not against the interest by getting a new amortization schedule. To qualify for this rate the previous policy must have been issued within 10 years, there can not be a break in ownership and the property must be of the same description. You or your lawyer should request a copy of the current title policy from the present owners to apply for the reissue rate.
Conditions vary among lenders.
PMI is automatically dropped and canceled by the lender when at the half-life of the loan. On a 30 year loan the PMI is canceled after 15 years. Look at your loan agreement to see what costs are required and really necessary so you do not get stuck paying extra unnecessary fees when refinancing. Shop around for a good mortgage that will let you do what you want with a minimum of restrictions and fees. Click onto MortgagesOnline .