How To Get Rid of Mortgage Insurance

April 19, 2021

In this video I’m going to show you how to save between $200-$500 per month by getting rid of you mortgage insurance. As you may know the real estate market is hot hot… houses are flying off the market really fast which is causing a nationwide housing shortage and that means that your home value has most likely gone up. You may be eligible to have your mortgage insurance removed. Here’s how…

First of all only conventional loans can have the mortgage insurance waived. So if you have an FHA mortgage you may have to refinance into a conventional mortgage to remove the mortgage insurance… its sounds complicated but with a good loan officer it can be done easily.

To find out if you are eligible to remove your mortgage insurance payment first check your mortgage statement and get the principle balance of your mortgage. Your mortgage balance must be lower than 80% of the value of your home… so divide your mortgage balance by .80… your house has to be worth more than that number.

To quickly find out the value of your home check your property value on three websites…. Redfin, zilllow, and realtor.com… alll the values will be a bit different but you’ll get an idea of your home value.If you are confident that your home value is where it needs to be call your lender and ask them to remove the mortgage insurance. They may or may not ask you to do an appraisal… if they do an appraisal can be as much as $600 so reach out to me to verify your home value before you order. Assuming the home appraises the lender willl remove the fee. Congratulations!! Call me if you have any questions 240-460-6318

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About the Broker/Owner

Marcus Bruno

Licensed real estate broker with over 20 years of experience in the industry, beginning his career in 2000 as a real estate agent and earning a broker's license in 2010. Known for a strong passion for helping people find their dream homes and negotiating the best deals. Specializing in residential real estate with extensive knowledge of the local market and trends. In 2015, a move to Houston with his family led to the opening of Bruno Fine Properties Inc in 2018—a real estate brokerage serving Spring and surrounding communities. A proud father of five beautiful girls and happily married to Malika Bruno since 2003. Outside of real estate, time is often spent with family, working out, and reading. He's always eager to meet new clients and share valuable market knowledge.

Remarkable service for remarkable you!

testimonials

I would like to recommend our real estate agent Marcus Bruno. Here is the review I gave him on the sale of our home.

5 stars

Marcus listened to our needs and ideas and worked as a team with us which led to a very profitable sale with minimal issues. It was a very smooth transaction. He was very pleasant to deal with and minimized stress for us in the whole process. He was also very proactive and organized in planning everything which lead to 26 showings and more than 20 people at an open house all within 2 days. We had over 9 offers from that 2 days. So we didn't have to leave the house on the market for longer than 2 days and disrupt our lives with nuisance showings. He was very savvy with negotiating, picking the best buyer, and using leverage to give us the best deal.

Nicole & Justin Adcock

If it wasn't for Marcus Bruno, my real estate agent, I would not have found this house. Marcus has been working with me for over a year trying to find the right house. Marcus never at any time complained or hurried me in any way. The man is patient and understands that the house has to click in order for the client to be happy. Came close to quitting but Marcus helped me through the rough times. Thank you Marcus.

Antonio Cerda

When we decided to sell our home and look for a new one, we firmly resolved not to make any compromises and to settle only for the house we really wanted, with all the attributes we chose as ideal. We realized this would take a good while, and so we warned our agent that he needed to be very patient; we did not want to feel rushed. It took two whole years to find the house of our dreams and Mr. Bruno stayed the course all the way. He is like Job: perseverant to the end. Note that we only wrote one contract on a house, and it was for the one we bought, thanks to the help and guidance of our agent.

Cindy & Bruce Wein

The first thing I appreciate about the help you provided is your patience. It took a loooong time to find the house, and. through it all, you were very patient and would even challenge me to take a more thorough evaluation of my decisions rather than rush me into a house to close a deal.

I also appreciate your knowledge of the market. I was given an explanation of all of our options and the latest on new programs immediately in order to take advantage of them.

Musa Kposowa

Outside of real estate knowledge (which is important...), Marcus brought a "human" component to my house search. I was consistently being out-bid and I was becoming frustrated and despondent. He was able to keep me motivated and I ended up with a gem of house that has now almost doubled in value. He had patience with the situation and with me...I know I can be a handful :)