Refinancing to Get Rid of PMI, While Getting a Lower Rate You might even be able to kill two birds with one stone, by getting rid of PMI while also securing a lower mortgage rate on the new loan. Since you purchased seven years ago, there is a good chance your interest rate is higher than the low rates that are available right now.
you’re only realizing half the potential you could be if you were able to get rid of the PMI or shift the cost of the PMI to the lender via lender paid mortgage insurance. Petitioning Out Of Mortgage.
Luckily, there are a few other ways that you can get rid of PMI that won’t cost you money, or at least won’t cost as much as a refinance. Looking for current mortgage interest rates? click Here. Pay Your Balance Down. You pay PMI until you owe less than 80% of the home’s value. Your lender calculated when this point would occur based on the purchase price of the home and your monthly payments.
Refinancing is the only option for getting rid of PMI on most government-backed loans, such as FHA loans. You’ll have to refinance from a. When mortgage rates are low, as they are now, refinancing can allow you not only to get rid of PMI, but to reduce your monthly interest payments.
The good news is that you can get rid of PMI sooner than you think. As long as your LTV (loan-to-value ratio) is less than 80%, you can eliminate this insurance premium from your monthly payment. Pay Down your Mortgage to Get Rid of PMI. The bad news is that you will not be able to eliminate PMI payments right away.
Besides getting a lower rate, refinancing might also let you get rid of PMI if the new loan balance will be less than 80% of the home’s value. But refinancing will require paying closing costs.
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We have been in our home about a year and half. We would like to refinance it. We also have a PMI payment that we would like to get rid of. Would we be able to refinance after only being here a year.
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