Money Saving Real Estate Tip You Need To Know!
Posted by Reid Rosenthal on Wednesday, October 19, 2022 at 10:52:39 AM By Reid Rosenthal / October 19, 2022 Comment
Did you buy a house in the past few years? Did you use a conventional mortgage and put less than 20% down? If so, this is for you!
Home Values have increased drastically in the past few years. You know that silly little extra amount on your mortgage payment, called PMI? It stands for Private Mortgage Insurance. It could be anywhere from $100-$300/mo extra you are paying each month.
Do you want to get rid of it? Here's how:
- Step 1: Find your most recent mortgage statement and find out if you are paying PMI.
- Step 2: Call me (267.626.7613) to find out if you think your house would qualify to get rid of it.
- Step 3: Call your mortgage company and tell them you'd like to apply to have your PMI removed.
- Step 4: When they ask you why, tell them you have done improvements to the house and the value has increased (even if you've only painted, or changed floors, or really anything at all)
- Step 5: They will then hire someone to come out to the house (they'll charge you, but trust me, its worth it) and do an Appraisal or BPO. This person will take pictures of the house and give your bank an opinion of what the house is currently worth.
- Step 6: Hear the good news from the bank that your PMI is removed and enjoy the extra $100-$300 a month you'll be saving!
Your Friendly Real Estate Agent
*** Not all banks will allow you to do this but many do***
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