Contact us today using the form in the sidebar if you would like guidance on how to get rid of your PMI (mortgage insurance).
If your down payment was less than 20% of the purchase price when you bought your home, odds are you are paying a monthly mortgage insurance fee (sometimes called “private mortgage insurance” or PMI). Mortgage insurance is insurance designed to protect lenders against the risk of borrowers defaulting on loans.
As anyone paying mortgage insurance knows, it can be expensive and burdensome. But there is good news. Over the last year housing values all across the U.S. have been increasing. That means that many homeowners who are paying mortgage insurance may now have enough equity to refinance to a new, improved mortgage with no, or lower, mortgage insurance.
Additional good news for homeowners with FHA loans is that the FHA has recently significantly reduced its mortgage insurance fees on new FHA loans. So if you have an FHA loan now, contact us in the sidebar to learn more about the low cost, no-appraisal-required FHA streamline refinance program. In many cases folks with FHA loans can reduce their interest rate and reduce their mortgage insurance costs with a streamline.
Let us know if you don’t know how much your home is currently worth. We can help you estimate the current value of your home. Even if you don’t have much equity yet, there are programs that could save you money as the equity in your home increases.
If you have mortgage insurance on your current mortgage get in touch with us in the sidebar. We can point you in the right direction to reduce or possibly remove that mortgage insurance and refinance to a better loan.