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REDUCE YOUR HOUSE PAYMENT WITHOUT REFINANCING 🏡

The banks don’t really talk about this but if you have a standard conventional mortgage, and you are paying mortgage insurance, aka PMI, in your monthly payment - this is temporary and can be removed without refinancing.

You can get this removed and keep your current low rate, so the total payment just goes down.

Here’s how you do it:
Take your current mortgage balance and divide it by the current property value If the number is lower than 0.80 - then you can proceed.

Example: you owe $400K and the house is worth $520K today So that would be 0.769 - meaning you can go to the next step.

Next, you call the customer service number on your latest mortgage statement and tell them you have enough equity and would like to request PMI be removed from your loan

#pmi #lowermonthlypayments #mortgagehacks #mortgage #lowermonthlybills #moneyinthebank #moneyinyourpocket

Jarrod Kinman | My Home Group Real Estate

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