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Author Topic: Paying Private Mortgage Insurance (PMI) on your loan? Refi and save Tons  (Read 1293 times)

Offline pianoman9701

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  • Mortgage Licenses in WA, ID, & OR NMLS #2014743
    • www.facebook.com/johnwallacemortgage
    • John Wallace Mortgage
FHA and USDA loans are great for first-time borrowers to get into a home for little or no down payment. But, these government loans come with a catch - PMI. PMI not only has a stiff upfront insurance pre-payment fee, but can cost hundreds of dollars a month for the life of the loan, regardless of equity. If you've been in your FHA or USDA loan for more than a couple of years, your equity may now be enough to get rid of PMI by switching to a conventional refi, as long as your Lone-to-Value (LTV) is 80% or lower. Home values in WA have been increasing by as much as 12-15% a year.

In about 15 minutes working with you and your mortgage statement, I can tell you if you qualify to refi with a conventional loan.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman https://linktr.ee/johnlwallace https://valoaneducator.tv/johnwallace-2014743

 


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