Texas Home Lending News

SAY GOODBYE TO PMI SAVE ON YOUR MORTGAGE PAYMENT

September 1st, 2021 11:05 AM by Shawn Smith NMLS#863501

Here's how you may be able to lower your mortgage payment.

If you’re paying PMI (Private Mortgage Insurance) because you put less than 20% down on your home loan, you may be eager to get rid of the expense. The details can vary among companies, but here are three basic strategies for eliminating PMI:

Pay your principal down. Once your loan amount is 78% of the original cost or appraised value (if you’ve refinanced), contact your loan servicing department for a review. They’ll check to assure you have a good current payment history and credit.
Demonstrate Current Value. Contact your loan servicer to request an appraisal, which you will pay for. Your balance will need to fall under the required threshold (typically 75 to 80% based on the age of your loan). Again, credit and payment history are important.
Refinance. Your new mortgage will not include PMI if your loan balance is no more than 80% of the appraised value. A refinance may also allow you to lower your rate and payment, access cash, or adjust your loan term.

I’ll be happy to review your options and assist wherever possible to assure your financing is still working for you. Please reach out when you’re ready.

Shawn Smith
MLO/Broker | NMLS # 863501
(214) 396-3650 | Mobile: (817) 706-8619
shawn@sublimefinancial.com

www.sublimefinancial.com
Sublime Financial, LLC
14785 Preston Rd Dallas TX 75254

NMLS # 1134044

Posted by Shawn Smith NMLS#863501 on September 1st, 2021 11:05 AM

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SAY GOODBYE TO PMI SAVE ON YOUR MORTGAGE PAYMENT

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