Do you have private mortgage insurance? If so, here’s something very important that you should know.
I know a lot of you out there are paying for PMI (Private Mortgage Insurance) which can be as much as $400 a month. Private Mortgage Insurance is a premium you are charged because when you purchased your home you didn’t have 20% of the purchase price to put as a down payment. This protects the lender in the event you (borrower) stops making payments.
If you haven’t noticed, housing prices have been on the rise for several years and many of you now have 20% equity – And what a shock— your lender isn’t telling you this.
You need to call me right away!! I will run comparables (comps) based on recent sales in your neighborhood and give you a good idea if you now have 20% equity which will potentially save you hundreds of dollars a month. If you do, contact your lender straightaway to have them run an official appraisal to validate your current equity and eliminate your PMI!! Start saving today!
If you’re curious about this or have questions about the value of your home, don’t hesitate to reach out to me. I’m here to help!
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