Are you Paying Mortgage Insurance? It May be Time to have it Removed!

Joan Cox, a colleague in Colorado, sent out a great reminder. The time might be here for folks paying mortgage insurance to get it removed. Prices through the San Francisco Bay Area have risen dramatically in the last few years--if you have 20% equity in your property, it's time to get the mortgage insurance off.

Are you Paying Mortgage Insurance?   It May be Time to have it Removed!

 

Home Values increasing

Denver home values have seen a serious increase over the last three years.    If you have purchased a home and did not have 20% down, mortgage insurance has been included in your monthly mortgage payment. 

 

 

If the home values have increased enough, and homeowners have paid along the way, you may have  20% equity in your home.     Some mortgage companies will remove the mortgage insurance if the market has increased and shows you have the 20% equity, some mortgage companies want to see the borrower pay the 20% themselves, not including the value increase.   You may be required to have an appraisal done to ensure there is 20% equity.

 

It could be worth a call to see how your mortgage company views this equity increase and see if the mortgage insurance can be removed.  This could save you hundreds of dollars!    On a $300,000 home with only 5% down on a conventional loan, there is $185 paid each month for mortgage insurance.    This equates in $2220 per year savings.

 

Getting this mortgage insurance removed from your mortgage payment could fund a vacation!

 

 

 

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Today | Sotheby's International Realty

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Comment balloon 8 commentsLottie Kendall • December 11 2014 04:24PM

Comments

Good advice, Lottie (Joan). Some people don't realize for years that they've been wasting money on mortgage insurance they are no longer required to have.

Posted by Steve Kantor, Best Agent Business - Virtual Assistance (BEST AGENT BUSINESS) almost 3 years ago

Joan Cox wrote a great post; we should all get the word out to our clients. It might be time.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) almost 3 years ago

Lottie Kendall thank you for the re-blog, and our clients do need to read this important information.   Hopefully it will save them thousands!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 3 years ago

Lottie Kendall ~ nice re-blast! I missed Joan's post so thanks for sharing it... And you are right Joan's post is an excellent reminder to all

Posted by Jon Kolsky, Licensed California Real Estate Broker (Kolsky Realty & Management) almost 3 years ago

Good morning Lottie. Great choice for a re-blog. Joan Cox is so right, paying mortgage insurance, when someone can refinance just makes no sense.

Make it a great weekend!

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 3 years ago

I completely agree, Joan Cox - thanks for writing such a clear post

Jon Kolsky - that's the beauty of a re-blog.

Hello Joe Petrowsky - you're right--people in Connecticut should contact you to see if you can help them

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) almost 3 years ago

Lottie - What a smart financial reminder for those in the Bay Area - time to dump those extra fees!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) almost 3 years ago

This excellent reminder is a good choice for a re-blog.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 3 years ago

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