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How is the best way to get rid of Mortgage Insurance?
This question gets asked a lot. Most of the time it comes before the buyer purchases their home. The bottom line is that Mortgage Insurance doesn't cover you the homeowner. It covers the lender if you default.
It makes sense that the more equity you have in a property, the less likely you are to default. Thus, if you have 20% or more to put down, you do not need to worry about mortgage insurance.
But if you are like 80% of the people who own their first home, chances ar pretty great that you have a mortgage that you currently pay from $50 to over $200 a month in mortgage insurance. If that is the case, you might want to do some homework to see if you can get rid of that insurance.
Based on this formula, you may be able to contact your mortgage company about removing this insurance based on your payment history.
Contact your lender or call Bev at 970-631-7111 for more information.
© 2018 IRES Information source: Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules. @copy; Copyright IRES. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from IRES and the Broker Reciprocity Program.sm. Real estate listings held by brokerage firms other than MB/West Realty are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information last updated on 2018-12-15 10:47:51.