HOW TO SAVE THOUSANDS on your Mortgage when you remove private mortgage insurance (PMI)

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If you bought a house with less than 20% down, you’re probably paying PMI, private mortgage insurance.

With home prices increasing substantially during the past few years, there’s a good chance your home is worth more than you bought it for and you might be able to get rid of your PMI, which can be a few hundred dollars per month.

Generally, In order to qualify for this you need to have 20% equity in your home—-So, having a solid idea of your home’s value is key. You can have a realtor like myself do a comparative market analysis based on current and sold properties in your neighborhood to arrive at an appropriate value, or you hire someone to do an appraisal.

Once you know the value of your home, you can speak to your lender about their individual requirements for removing PMI.

Just be aware that you may not be eligible for removing PMI if you have an FHA-type loan, even if your LTV is less than 80%

PMI is automatically canceled when the loan-to-home value hits 78%.

This is Jenifer Ross from eXp Realty wishing you happy househunting!