As your mortgage professional, I regularly monitor the status of your loan. Based on the length of time you've had your loan and recent changes to home values in the area, I think you may be able to save money each month if qualified for a conventional loan type.
What is mortgage insurance (MI)?
MI is required for home loans financed through the Federal Housing Administration (FHA). Most current FHA borrowers paid an upfront premium at closing and continue paying monthly as part of their regular mortgage payment as long as they own their home.
Why may I be eligible to cancel MI?
You may now have sufficient equity in your home to obtain a conventional loan without any mortgage insurance.
How much can I save?
Amounts vary, but savings can equal hundreds of dollars each month. Check your current mortgage loan statement to view your payment breakdown and how much you currently pay for mortgage insurance.How do I get started?Just let me know if you want to take a closer look at your specific scenario. I’ll be glad to help!
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