Connecticut NO PMI Mortgage

Posted on January 31, 2018 · Posted in Connecticut Home Purchase Mortgage, Connecticut Mortgage Refinance

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

 

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 get rid of the PMI payments.  If you are buying a home, and have 20% to put down, then it works the same as a refinance would.

 

Another option, if you do not have 20% or more of equity in your property (or putting down 20% on a purchase), you can apply for something called a Lender Paid PMI Loan.  The majority of lenders are going to want you to have a minimum of 5% 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 all 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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