How can I reduce mortgage insurance costs?

Term (years)
Interest rate
Appraised value
Yearly property tax
Yearly property insurance
Appraisal value: Appraisal value is the market value of an asset that is derived from the appraisal process. Depending on the asset, the method used to appraise the asset will differ. For homes, appraisers often use a method that includes recent sales data of comparable homes. They may also use the replacement method, which is the cost to replace the home at today's prices.
Interest rate: The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of money.
Closing: The final stage of the loan process. It requires payment of any funds that are due to the other party and the signing of documents needed to record the transaction.
Homeowners Protection Act: The Homeowner's Protection Act of 1998 requires that home lenders cancel a requirement for private mortgage insurance (PMI) if the borrower has equity of at least 22% in their home.
Term: The period of a loan, generally measured in years. Auto loans generally range from 2 to 5 years. Mortgage loans: 15 to 30 years.
Homeowner's insurance: Protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. Normally required by lenders.
Private mortgage insurance (PMI): An insurance policy that protects lenders against loss if a borrower defaults. Typically required if the loan-to-value (LTV) ratio of the home exceeds 80%.
Property tax: A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own.
Down payment: The cash you deposit towards the purchase of home, car, etc. The larger the down payment, the less you are required to borrow.
Loan-to-value ratio (LTV): LTV is a lending risk assessment ratio that lenders examine before approving a mortgage. It is calculated by dividing the mortgage loan amount by the fair market value of the home.