 Bev West, Broker/OwnerWest Realty/Metro Brokers |
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.
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