Get More Money Now: How Smart Homeowners Are Eliminating PMI

Are you looking to increase your monthly savings? In our latest video, David Lenoir from Coldwell Banker Realty and Rick Waldron from Guaranteed Rate Affinity reveal how homeowners can potentially free up extra cash by eliminating Private Mortgage Insurance (PMI).

Understanding when and how to remove PMI is crucial. Rick explains, “If you believe you've gained 20% equity in your home, it's time to contact your lender.” A new appraisal can confirm whether your equity position is sufficient for PMI removal.

But when can you make this request? “Typically, you need to have the loan for at least one to two years, depending on the lender,” Rick adds. Also crucial is maintaining a good mortgage payment history, as lenders consider this when reviewing PMI removal requests.

Here's great news: PMI isn't forever. “PMI automatically gets removed once your loan balance hits 78% of the home's original appraised value or selling price,” confirms Rick.

Stay informed and explore your options to save money. For more insights into smart homeownership and mortgage strategies, follow us for regular updates.

If you're looking for an expert to help guide you through all this, please contact me and I can help you! Call me at 781-734-7098.

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