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How To Get Rid of PMI on your Mortgage

Posted on July 27, 2015 · Posted in Connecticut Mortgage Refinance

Northeast Financial is a Connecticut Mortgage Company for Connecticut Homeowners.  We offer several solutions for refinancing your home to help you get rid of that monthly PMI payment (which can mean a huge monthly savings).

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.

Another option, if you do not have 20% or more of equity in your property, you can apply for something called a Lender Paid PMI Loan 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.

Please give me a call so we can discuss your options.  We offer a free consultation to Connecticut Residents

Thanks,

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

NMLS#117273 

 

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