))
How to Stop Paying PMI Today
Manage episode 177924309 series 1123396
Innehåll tillhandahållet av Justin Woodall. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Justin Woodall eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
If you put less than 20% down on your home purchase, you are paying private mortgage insurance. However, there is a way to get rid of it.
Looking to sell a home in Athens, Georgia? Click here for a Home Price Evaluation
Looking to buy a home in Athens, Georgia? Click here to perform a full home search
I’ve got a tip to share with you today that will potentially save you thousands of dollars on your mortgage payments.
If you’ve bought your house in the last decade but put less than 20% down on it, you’re probably paying private mortgage insurance, or PMI. At this point, you’re probably not even thinking about it, as it is rolled up into your monthly payment. It costs you $100, maybe $150 per month.
However, once you pay down the balance on your mortgage to a 78% loan-to-value ratio or once the value of your home increases enough to cross that threshold, you can eliminate having to pay PMI for the remainder of your loan term.
It’s a smart idea to have your home re-appraised.
How do you do this? Just contact your mortgage lender and ask them to have the home appraised once again to eliminate your PMI. If you bought your home in the last 10 years, especially around 2011 or 2012, it has risen significantly in value. If you’re currently paying PMI, you should look into eliminating it. It will save you thousands of dollars over the loan’s term.
If you have any questions for us or we can do anything for you or anyone you know, give us a call or send us an email. We look forward to hearing from you soon.
20 episoder
Dela
