Dave Tortora: Connecticut No PMI Home Loan Options

Hello everyone – I am Dave Tortora with North-East Financial of Connecticut.

 

We offer several solutions for refinancing or purchasing a 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.

 

For people that may be considered “Underwater” on their loan – there are not many options to get rid of PMI.  But if you have a FHA you are always able to streamline (no appraisal) in to a lower rate and if you have a Fannie or Freddie Home loan you will have some HARP program options to lower the rate as well.

 

Please give me a call so we can discuss your options.

 

Thanks,

 

 

IMG_0126David Tortora NMLS 88166
Company NMLS 117273
210 South Main Street
Middletown CT 06457
tortora@northeast-mortgage.com
860-788-7237

 

 

 

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