You may be able to remove your Private Mortgage Insurance and save month every month? If you didn’t put down 20% on your home, you’ve likely been making monthly PMI payments.
If you made the minimum down payment of 5%, you’ll have 5% equity in the home. Lenders use a loan-to-value ratio when determining PMI requirements and rates. In the case of putting down 5%, your loan-to-value ratio would be 95%.
This will depend on your credit score, your loan-to-value ratio, the value of the house at a given time and the terms of your loan agreement. Often, once you begin paying PMI you’ll have to keep it for at least two years regardless of the loan-to-value ratio.
Contact our office today via telephone, using our contact form or filing out our Pre-Approval form. One of our qualified representatives will reach out to you quickly and begin the process of finding out if we can eliminate the need for monthly PMI payments.
Mark Klein- 132598
NW Mortgage- 128113