Connecticut NO PMI Mortgage Loans

Posted on November 2, 2016 · Posted in Connecticut Mortgage Refinance

At Northeast Financial we offer several solutions for refinancing your home to help you get rid of that monthly PMI payment for your Connecticut property.

Most of us have seen our home property values decline from 2007-2012 in Connecticut.  But from 2012 going forward we have seen some healthy increases in property values that can help many residents get rid of the monthly PMI payments.  For people that believe they have 20% equity or more in their property – they would simply need to have your mortgage professional prepare your loan packet and order an appraisal.  If the appraisal comes in at under 80% Loan to Value then you can refinance and rid the PMI payments.  Its important to take in to consideration that possibly your rate may go up or down minimally from what you presently have as a rate – but the real savings is in having no more PMI.  Also be wary of looking online to see what your property is valued at – consult with a mortgage professional as well as a real estate professional for what an estimate of value is.

Another option, if you do not have 20% or more of equity in your property, you can apply for something called Lender Paid PMI for your refinance.  The majority of lenders are going to want you to have a minimum of 5%-10% equity in your property for this type of refinance.  If you qualify for this type of loan, the lender will pay the monthly PMI within the rate they give you.  So, the Lender Paid Option has a minimally higher rate than if you had 20% equity but nine out of ten times (if not more) it will always be a better option than paying PMI and can save your hundreds a month.

Thank You,







Patrick Walsh
Mortgage Loan Originator/NMLS 99004
210 S. Main St Middletown, CT 06457

Company NMLS#117273