Home Refinance – “How to get rid of PMI or private mortgage insurance when you don’t have the 20% Equity”
By Jordan Randa
If you're like most people, you bought a home by putting less than 20% down. Perhaps you used an FHA government backed loan (which, nowadays, requires monthly mortgage insurance regardless of how much you put down...sometimes for the life of the loan!). You've been paying this monthly premium to the benefit of nobody but the lender for months (or perhaps years). It is expensive and quite frankly you are not even sure what it is for. You want it gone! So, the question is; how do you get rid of the expensive, unnecessary, mortgage insurance...or better yet, how can you stay away from it in the first place? No need to get worked up, the answers to your questions are all right here!
One very simple solution for this is to utilize a relatively new product called Lender Paid Mortgage Insurance (LPMI). That's right, let the lender pay the mortgage insurance! (Talk about turning the tables eh?) Sort of. This is a unique loan program where the mortgage insurance premium is basically financed. This program can help eliminate costly mortgage insurance while at the same time reducing your current interest rate.
How To Learn More:
Everyone knows the saying, “Your home is your biggest investment.” With that being said, it’s imperative to have an experienced loan officer to give you the right financial product when making one of the biggest financial decisions in your life. The staff at United Fidelity Funding is a great team. We strive to not only understand your short and long term goals, but also get to know you unique lifestyle. For more information on removing your mortgage insurance Contact Us and get a free consultation today!
Home Purchase – “You don’t need the 20% down!”