World Todai

When the value of your home increases to the point where you now have 20% equity. Only rich people can afford to put 20% down on a house. Getting rid of mortgage insurance makes the difference. Also, the right time may be when the mortgage interest rate drops to the point where keeping the same payment covers the cost of the increase in payment when moving up the payoff day. If you have 23 years left to pay on a 30 year loan and you refinance at a lower rate and the same payment is now for a 15 year loan, you just dropped 8 years of payments.