Email: 4 Ways To Drop PMI

[First Name],

Are you paying for private mortgage insurance (PMI) you no longer need? It’s possible. Here’s how you can put an end to that … or avoid making a single unnecessary payment altogether. 

Refinance it — If your home’s value has increased enough, lenders will waive the remainder of your PMI obligation. If you’re concerned about resetting the clock on your loan, we can customize your new loan terms to match your existing terms.

Request it — If the equity in your home is greater than 20% of its appraised value, you’re not required to carry PMI. Ensure that your lender is ready to cancel your PMI as soon as your mortgage balance reaches 80%. 

Recheck it — If home prices in your community are rising, having your home reappraised may return a value high enough to cancel out the need for PMI.

Renovate it — A family room addition or similar improvement may increase your home’s market value. The result: A favorable loan-to-value ratio that nullifies any remaining PMI obligation.

If you’re carrying a purchase money second mortgage and facing ever-increasing payments, we can also help you by leveraging some of the same techniques.

Each method requires careful planning. In your particular case, one option might be much better than the others. I can help work through the necessary calculations. 

If you take no action, lenders are required to stop charging PMI under the following conditions:

  • Once your mortgage balance drops to 78 percent of your home’s original appraised value

  • You reach the halfway point of the length of your loan

But why wait? You have other plans for that money. Contact me today, and I’ll help you put that plan in motion.

[Signature]

Underwriting terms and conditions apply. Restrictions may apply.

Information is accurate on the date of publication. Please check with a Mortgage Advisor and consult with your tax advisor for current information related to your specific situation.

Programs only for qualified borrows. All borrowers subject to credit approval and underwriting terms and conditions. Programs subject to change without notice. Some restrictions apply.