On this episode of the Loans Elevated Podcast Broch speaks about Eliminating PMI. Can you get rid of your mortgage insurance?... In some cases yes. Broch takes us through the possible options for doing this. Broch states that most of the FHA loans can be eliminated within 11 years but there are some exceptions. Broch speaks about how it used to make sense to re-finance in order to get rid of PMI but because of the rate rising environment we are living in right now, for most people re-financing is not the best option. Broch mentions the CFPB have a rule that states that every lender must eliminate the PMI automatically once the loan hits 78% loan to value based on the original a—-- and not including the appreciation on the home in the future. Broch shares that one of the solutions to this is through the use of appreciation. You need to call your mortgage company to instigate this process and begin with discussing their policies around their borrower initiated removal of mortgage insurance. Also, if you are at 75% or less to value, you have owned your home and have paid your mortgage on time for at least 2 years then there is the ability to get rid of the mortgage insurance. Broch shares a second option which can be only be done if you have bought the home and improved it dramatically to create more value. Broch encourages you to reach out and use your lending resources like himself, to get all the facts and be guided through the entire process. Broch also encourages you to reach out and let him know if there are any topics you would like him to discuss and share information on in future episodes.
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Hosted by:
📢 Broch Lassig, Branch Manager NMLS340314
📢 TJ Heidenreich, Sales Manager NMLS1802412
📢 Ryan King, Loan Officer NMLS1870771
Branch NMLS2048956
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call for details.
CrossCountry Mortgage, LLC. NMLS3029 (www.nmlsconsumeraccess.org)
🔹 Disclaimer: The information in this podcast is for educational purposes only and not a substitute for professional financial, legal, or tax advice. Always consult with a qualified professional before making financial decisions.
