FINALLY Remove Your PMI - Tips from a Loan Officer

Remove the PMI from your Mortgage once and for all! You know that PMI or Private Mortgage Insurance is required when buying your first home and putting less than 20% Down, but how can you finally REMOVE it so you can start saving some money?

Links:

Timestamps:
0:00 - Intro
1:12 - What is PMI?
2:28 - Removing FHA PMI
2:45 - Tip#1 Remove PMI Automatically
3:37 - Tip#2 Request to Remove PMI
5:28 - Tip#3 Refinance and Remove PMI
5:43 - Bonus Tip What to Do With Savings from PMI
6:58 - My Thoughts on PMI

#firsttimehomebuyer #mortgage #realestate
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Boring legal stuff:
Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of American Mortgage Network NMLS 1833427 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.

[ohrodrigs]

great. video, good advice..thank you !
I will apply the savings towards the balance and add a little more.

[stevenk]

Thank you, Caton. If you need to get an appraisal, will this impact your property tax? I would like to use appreciation to take away my PMI but worried it will cause my property tax to go up so much that I will end up paying more per year compared to letting it be removed automatically.

[olgaramirez]

That takes around 8 years to get the 78% loan value paid.

[teggyDa]

My estimated home value is 438, 239 my balance owed is 318, 828 estimated home equity is 119, 410 would I be able to take off pmi?

[keithferguson]

I would like to know as you were saying that PMI was a necessary evil, so are you saying that if there was no PMI, then you would have to make the full 20% down in order to buy a house? Look forward to your feedback on this matter

[BrandyAguilar-jh]

My servicer stated paint new flooring doesn’t count. It mentions remodeled such as bathroom and kitchen upgrades count. We only have new floor tile in bathrooms. We have however put in a pool that cost us around 55/60k as well as solar. Do u know if those two items typically count?

[ramontorres]

I have FHA and been paying for 12 months now. Can you help me. Great video.

[brianK]

My lender told me I have to justify the increase in value of my home with improvements in order to remove PMI

[NellysDIYcreations]

I bought my home a year ago and my mortgage lender told me under fannie mae in order to qualify for an early appraisal I have to have substantial structural renovations or I have to wait 2 years for an appraisal that has to fall on the anniversary date of first payment made. Guess i have to wait another year

[carloscalderin]

My mortgage company won't help me get rid of my PMI! My house is worth 300, 000 more than what I paid 23 months ago. What can I do?

[Yaya-cltu]

Great video! I purchased my new construction home in Sept 2021 and want to have the PMI removed. Which online estimator do you find to be the most accurate? I checked Remax and Redfin, and the estimates are vastly different. Unfortunately, my house still does not show up on Zillow's website. Also, do you have to have 80% or 78%? I make biweekly payments and removing the PMI would save me $237 per month. Hopefully, I will qualify to have it removed.

[xryxhpg]

Oh, I forgot my interest rate is 3.75%.

[danp.]

Great video. I bought my home for 297k and currently owe $266k after closing. It appraised 5 months ago for $340k. That puts me below 80% LTV. With the current market, do you think I'll be able to get rid of my PMI?

[geidyroque]

Hi, I love your video. Quick question I have paid 55% of my entire mortgage but the Leander said PMI can’t be removed because I have to pay it for 11 years is that correct?

[vallloyd]

How can I drop off PMI on low cost bcs my mortgage is not over double of what I used to pay, only escrow is 6 times of the amount I started with in just 2 years 😢

[chowchowkenobi]

if i had an appraissal recently done not theu my lender can i used that appraissal, or is the lender going to require an appraissal of their own?

[juanrivasgonzalez]

I been getting call about the mortgage insurance its about to end to renew it what thats mean

[IncognitosRandom]

My PMI was $3, 219 a year. Just got an escrow analysis and it says my PMI is increasing to $8, 852 annually. Is that even possible (I'm in NY)??!?

[theresachemin]

My interest rate is 6.99% and my PMI $9.56

[CaptainProx]

I need some clarification on something, let's say for example I'm paying $100, 000 on a mortgage. Would I need to pay $20, 000 or $80, 000 to reach 20% equity and for my PMI to go away?