Sample issue

Hi there,

This week's money move

Open your banking app and turn on alerts for any transaction over $100 and for every new login. It takes five minutes and it's one of the fastest ways to catch fraud.

One topic: when PMI goes away

If you put less than 20% down on a conventional mortgage, you're probably paying private mortgage insurance. It protects the lender, not you, so the sooner it's gone the better.

Under the federal Homeowners Protection Act, you can ask your servicer to cancel PMI once your loan balance reaches 80% of the home's original value, if you're current on payments and meet the servicer's other requirements. If you don't ask, it generally ends automatically at 78%.

Here's the useful part: your loan's amortization schedule tells you the month you'll hit 80%. Find it in your closing documents or ask your servicer, then put that date on your calendar. Extra principal payments bring it closer.

FHA loans work differently. Their mortgage insurance can last much longer, so check your loan terms.

More in our guide to down payments and mortgage insurance.

Talk soon,
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