PMI goes away automatically once you have 22% equity in your home or you’re halfway through your mortgage term. Learn about even more ways to get rid of PMI.
Mortgage principal is the amount you owe on the money you borrowed from the lender, not including interest. Learn how mortgage principal affects your payments.
there s going to write off a little bit of my mortgage principal. right. one way that bank of america is kind of trying to address that, its program that it announced yesterday, you have to be they will they will write down some of your mortgage principal, ali, but not permanently until after you ve paid on time for five years. right. so, the goal here is that would be something that you had would earn, not something they would give you. to be clear, the rules for that program are different from the government program we re talking about. that s right. go to our website and check it out. not everybody qualifies for both, it continues to be a complicated question. christine, thank you. you can watch us both on your $$$$$ on cnn on saturdays at 1:00 p.m. eastern and sundays at 3:00 p.m. eastern. christine, i ll see you tomorrow on tv. bye, ali. we ll take you live to arizona, senator john mccain, presidential candidate in the past john mccain, is in the fight of h
right? they have to try to stem the tide of foreclosures and get the right borrower help who can pay their loan, right, and stay in the home and continue to be kind of productive homeowners? that home, but they can t give too much of a break, because then you have a lot of other people saying, well, wait, a second, i need a break on my mortgage. i would like pmy mortgage principal written down and i m suffering, too, and you don t want to tick off the responsible buyers who have been in the same home for 10 or 15 years. irritated iris is the avatar. it s a fine balancing act, and, ali, until now it s been tricky and there hasn t been a lot of appetite for writing down mortgage principal. it s basically an solving you part of the loan. that s something that people are wary about doing. the housing advocates have been really pushing for something like that, saying that we ve tried to extend and pretend, right? we ve tried to extend the length of the loan. yep. we ve tried to lower in