With Rising Home Values, Refinancing May Not Necessary to Eliminate PMI

Eliminating PMI is a great way to lower your monthly bills and save money. And with property values increasing, you might not need to refinance to eliminate PMI.

I recently received this email from a client:

“Hi Joe,
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.