You can never have TMI on your PMI
Let's get rid of that PMI!
Most home buyers put down less than 20% on their home, which requires them to carry PMI in their mortgage. This cost is put on top of their mortgage payment and can range anywhere from $100-$400 a month depending on which type of loan (Conventional, FHA, USDA) that you have.
SO, how do you get rid of this pesty payment? Well, if your Loan to Value is at minimum 80% (home value is $300k, and your loan amount is $240k) then you can refinance regardless of when you purchased your home to get rid of your PMI. Now, if you have owned your house for a minimum of 2 years you can select a different process to keep your low-interest rate and simply take off the PMI. For this, you will need to have a Loan to Value of 75%.
Home prices have risen anywhere from 15%-25% in the last three years which will help keep your loan to value around 80%, especially if you bought 2-3 years ago.
If you have more questions reach out to me and I can get you in touch with some great local lenders to give you the finer details in this process!
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