Remove PMI
Private Mortgage Insurance (PMI) is insurance that protects the lender in case an owner should default on their home. PMI is required for buyers who get a conventional mortgage and make a down payment of less than 20%. Once the homeowner has an equity position of more than 20% the PMI can be removed with lender approval. Upon request, lenders will do a home valuation to determine if the PMI can be removed.
The cost of PMI for a conventional home loan averages 0.58% to 1.86% of the original loan amount per year.
If the borrower has an FHA loan, they can refinance into a Conventional loan once they’ve gained enough equity to help get rid of the PMI.
Contact me at by text (505) 350-8184 for more information on our Trusted Lender.
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Posted by Carlos Martinez on
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