Eliminate PMI – Private Mortgage Insurance
A huge benefit of refinancing is eliminated PMI or Private Mortgage Insurance. When you first bought your home if you put down less than 20% with a conventional mortgage loan or took out a FHA loan you probably have PMI. Both the loans carry PMI in the form of a monthly payment that have no direct impact on lowering your loan balance this payment is set for the life of the loan on most FHA loans and could fall off at 80% on most conventional loans.
So what if your value has increased or your loan balance is a lot lower? Eliminating this monthly fee is like reducing a debt and worth looking into. The potential savings is huge and you won’t have that wasted payment each month!
How do we determine if you’re eligible?
We will review your current loan balance, the date of your last loan and appraised value. From this point we can determine the approximate new value and generate any potential savings from there. Based off of these conversations we can proceed with the loan process, order an appraisal, approve your loan and eliminate PMI helping you save thousands of dollars over the course of the new loan.
Basic Checklist to Get Started:
- Mortgage Statement
- Insurance and Tax Statement
- Photo ID
- Tax Returns & W2’s for the most recent 2 years
- If self employed a current P/L and Balance Sheet could be conditioned
The process is simple and easy
We will help guide you through the process of saving money and getting in the right loan for your current situation. As a local mortgage broker, we have access to the lowest rates and fees passing these savings down to you.
For more information about eliminating PMI – Private Mortgage Insurance and refinancing, the benefits and loan options and how it may apply to you, please contact us direct at 281-627-4222 or submit the “Quick Quote” form on this page.