If you get a mortgage and put down less than 20% of a down payment, you'll likely be required to purchase PMI. PMI is mortgage insurance for the lender... you get nothing out of it.

What most lenders don't tell you is that you can usually cancel your PMI once you get over 20% equity in your house. This can happen in one of two ways: either you pay off a portion of the loan, or your home increases in value.

If you think you have over 20% in equity, you should contact your lender about how to cancel this insurance. They may require you to get an appraisal which may cost several hundred dollars, but if you look at how much you are paying in PMI, you'll probably find that this cost will be recouped very quickly.