Private Mortgage Insurance (PMI) is required if your mortgage balance is greater than 80% of the value of your home. (PMI covers the lender in case you default on your loan.) If the value of your home has risen, you've made improvements, and/or have paid down your mortgage you may qualify for PMI elimination. Check your mortgage statement to determine how much you still owe and weigh that against the current value of your home. If you apply for PMI elimination, you will need a new appraisal and a solid mortgage payment history (many lenders require twelve months of on-time payments). But if you do qualify, your monthly expenses could be reduced by hundreds of dollars. To find out, contact your mortgage lender for information regarding the process and requirements.