Remove PMI Insurance
What is PMI Insurance? Private Mortgage Insurance (PMI) was introduced over 30 years ago to provide Lenders with insurance against default for purchasers with a down payment of less than 20 percent. PMI Insurance is collected through the Mortgage Payment to insure the Lender against default. As a homeowner, once your equity level in your home reaches 20 percent you have the right to have the PMI Insurance eliminated.
Thousands of homeowners have needlessly paid many thousands of dollars over the entire term of their mortgage. While you needlessly pay for this PMI Policy, your lender is making money that is rightfully yours.
The majority of mortgages with PMI have required the homeowner to pay a full year of premiums in advance at loan closing with additional escrow payments accumulating monthly as a portion of monthly mortgage payments. For this reason, the vast majority of homeowners are due a significant refund of at least one year’s worth of premiums, in addition to permanent discontinuation of payments.
Reduce your Mortgage Costs by eliminating PMI Insurance and Save Hundreds of Dollars Per Year. You may even be entitled to a full refund of the PMI escrow you paid upon closing of your home (usually one full year of PMI Payments). An increase in equity in your home would allow you to eliminate PMI Insurance.
How would your equity position change in your home?
- If your loan is two or more years old.
- If you have made improvements that increase the value of your home
- If you have paid down a portion of your mortgage.
- Or, if you purchased your home for below market value.
Request your PMI Insurance be eliminated! Provide your Mortgage Company with an appraisal proving your equity has exceeded the 20 Percent threshold and request they cancel your PMI Insurance Policy.
Buying a Home
In today’s market of rising home values and limited inventory it is imperative to obtain an appraisal before entering into a contract of sale. An appraisal will provide you with an unbiased estimate of market value.
An appraisal is an effective tool when bargaining. An appraisal provides you with factual data regarding the value of the home.
Selling a Home