Are you paying PMI? If so, LISTEN UP
Private mortgage insurance is an extra charge you pay in your monthly mortgage payment when you have less than 20% equity in the home. For example, if you purchase a home with a 5% down payment you are likely paying PMI. The cost varies but it can be hundreds of dollars a month.
BUT did you know that if your homes value increases after you buy it your lender may let you remove the PMI from your monthly payment!! This is a HUGE cost savings. You’ll still need at least 20% equity to do so. But since we’ve seen an abnormal amount of home price appreciation the last two years you may be surprised with how much equity you actually have.
If you’d like us to prepare a home equity review for you in the Tampa Bay Area just let us know!
Click here to watch the video: https://youtube.com/shorts/ILYSoPeRN9g?feature=share