Get rid of PMI:
What is a PMI? - PMI is the mortgage insurance that you are paying for the bank to protect them if you can't pay your mortgage. You have to pay it if you do not have 20% of your mortgage paid down. The bank adds it to your mortgage payment.
How will it lower my mortgage payment? - By paying off 20% you can eleviate your PMI payment, thus dropping your mortgage payment a couple hundred bucks.
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