Dropping Mortgage Insurance - This could save you hundreds of $$$ per month
In today’s world where everything is going up, wouldn’t it be nice to cut out $200-$300 per month on your mortgage payment???
If you purchased your home and did not pay 20% down (even in the last 12- 24 months) you will have a line item cost on your monthly mortgage statement called - mortgage insurance.
Most lenders will drop that insurance when they think you have gotten to 78% of your value HOWEVER, because your value has likely increased so quickly - CALL THEM AND ASK THEM TO REMOVE IT.
The mortgage companies do not want you to do this. They may even argue with you about it but ask to speak to their manager.
You will likely have to pay for a third party appraisal which could be $500-$600 but if that shows that you have 20% plus in equity - your mortgage company should drop this monthly fee.
If you want to know what values are doing in your neighborhood to see if it is a good idea to get your mortgage company on the phone, reach out to your home sweet home group pro and we can set you up on a monthly analysis so you see where your value is going in real time. If you aren’t at 20% today - you likely will be in the next year. CLICK HERE FOR MORE INFORMATION ON THE MONTHLY ANALYSIS
If you have an FHA mortgage, you will likely have to refinance to get this dropped unless you purchased prior to about 2013. If you need to refinance - we have great lending options and you may even be able to take out some equity for a pool or home renovation. CLICK HERE FOR REFINANCING OPTIONS.
In closing, Whether you are thinking about buying, selling, building, relocating - we can help. Reach out and we can discuss next steps.
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