I recently received this email from a client:
I hope all is well with you and your family.
We have been discussing our monthly mortgage insurance, do we need to refinance to eliminate it? What are your thoughts, as we owe under $380,000 and I’d think we would appraise over $500,000? Thanks!”
Refinancing is Not Necessary
With property values increasing as they have over the past few years, eliminating PMI is most likely pretty simple.
In the majority of cases, the servicer will require an appraisal be done. If there is sufficient equity, they will remove the monthly mortgage insurance from the mortgage payment.
Eliminating PMI can be a great way to reduce your monthly mortgage payment.
Get in touch today to see if you can eliminate PMI without refinancing.