Eliminate PMI on your conventional loan

There are thousands of people who are paying private mortgage insurance or PMI and many don't know this but they probably qualify to petition and have the PMI removed from their monthly home loan payment. In most cases on a conventional loan the monthly PMI will automatically be removed once you have paid your loan down to where there is only 78% loan to value. However, for many there is another way to remove PMI much sooner.

If you purchased your home 3 years ago or longer the odds are incredibly high that your home has increased in value by 20% or more. If you live in an area where your home did experience significant appreciation you will likely be able to pay for a real estate appraisal and if the value of the appraisal comes back high enough, you can petition with your lender to have your PMI removed entirely without waiting until your loan is down to 78%. This can be a MASSIVE financial savings..

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Sam Miller
REMAX Stars Realty
710 South Main Street
Mount Vernon, Ohio 43050
Call 740-397-7800

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[JerryPinkas]

Thanks for sharing this real estate tip Sam. This is a great way to save some expenses that many people just don’t even think about