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Lower your Mortgage Payments PMI

August 2, 2011

If you put less than 20% down when you buy a house, you’re likely to pay Private Mortgage Insurance.

When your equity reaches 80%, there are steps you can take to have the PMI removed.

1) Ensure that payments have been made on time, no 30 day+ lates
2) Equity position based on comps is at least 20%; good reason to get set up on Listingbook to review your comparable properties, call me for details
3) Be ready to pay for an appraisal – the bank will order the appraisal and borrower gets to pay for it.

The PMI won’t be automatically removed, you have to request it!
This info is courtesy of Barry Trussell at Gem Mortgage in Orange, CA
To get set up on Listingbook, please call me at 714-398-1998 or email at pattig503@yahoo.com

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From → Buyers, Homeowners

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