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