How I Saved $4364 in PMI, Reducing Our Monthly Mortgage Payment By $59
Using Property Value Appreciation and a $150 Bank Appraisal
The views, thoughts, and opinions expressed are solely those of the author, and information provided is for entertainment purposes (see disclaimer)
How I Saved $4364 in PMI, Reducing Our Monthly Mortgage Payment By $59
We just took advantage of Downtown Graham’s strong property value appreciation, using that increased equity to qualify for early removal of PMI insurance on our mortgage.
We had to spend $150 on the appraisal, but luckily they agreed with us that our home equity has increased. We think we would have qualified on appreciation alone (#lovegraham), but we were sure to present documentation for the property upgrades we made such as updated electrical service, renovated laundry, and all new hvac.
If you think that your home has increased in value, you have a solid payment history, and you are still paying PMI, it’s worth checking if you lender allows PMI removal for appreciation.
Pro Tip: Do your research. The customer service rep told me that there were two options, (1) to pay normally and PMI would normally fall off after a scheduled LTV of 78%. Or (2) to pay the principal down early and request removal at 80% original LTV.
Having researched their website and having spoken with the refinancing staff (which we opted not to do), I knew that the “Order An Appraisal” option existed with specific criteria.
The service rep had to forward me to her boss, who confirmed that we could do it. Yay for research and persistence.
Confirmed today: We just saved $59 off our monthly mortgage payment and got PMI removed 7 years early!
If you are in a similar situation, I hope this inspires you to try. Its good to have a financial victory in our current uncertain times. We’re all in this together. May you be safe.
Disclaimer: This is not financial advice. Please consult your trusted financial advisors.
#pmiremoval #savingmoney #financialfreedom #cutyourbill #equity #appreciation #realestate #homeowner #financialliteracy #waystosave #celebratesmallvictories #realestatelife #realestategoals #realestatetips #grahamncrealestate #alamancecountyrealestate #goodnews #firsttimehomebuyer #homefinancing
Disclaimer
The views, thoughts, and opinions expressed are solely those of the author, and do not necessarily reflect the policy or position of the author’s firm, employer, organization, committee or other group or individual; and are not intended to malign any religion, ethic group, club, organization, company, individual or anyone or anything.
The articles, videos, images, and other content maintained on this site as well as the opinions voiced in this material are resources for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. No information on this site constitutes financial or legal advice and should not take the place of consulting with a licensed real estate agent, financial planner, local officials, licensed tradespeople, and tax, legal, or other financial advisors.
To determine which investment(s) will be most appropriate for you, consult your financial advisor prior to investing.
The material and information found on SarahCookRealty.com is intended for informational, educational, and entertainment purposes only. None of material found on SarahCookRealty.com is intended to be consumed as financial or legal advice for your given situation. I am not an expert, nor do I claim to be an expert, therefore you should seek out professional advice before making any financial decisions.
Neither SarahCookRealty.com nor its owners assume any liability with regard to financial results based on the use of the information provided here. In addition, neither SarahCookRealty.com nor its owners make any representations as to the validity, accuracy, completeness, or suitability of any claims made here. Furthermore, commenters, and linked sites are solely responsible for their views and content – which may or may not represent the views of SarahCookRealty.com or its owners.
A Real Estate Agent You Can Trust
Start Your Search Today
Contact Sarah: Hi@SarahCookRealty.com ::: (m) 336-525-1233
Contact Sarah Cook!
Call: (336) 525 - 1233
Email: Hi@SarahCookRealty.com
Graham, Burlington, Mebane, Elon, Alamance County NC
Licensed in North Carolina
Copyright © 2019-2022 Sarah Cook
All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.
