Private mortgage insurance PMI when can it be removed from your Wisconsin Mortgage.
Hi, I am Ron Meyer a mortgage loan consultant with GSF Mortgage.
Many 1st time homebuyers are required to have PMI, or Private Mortgage Insurance on their loan. Often the question arises when can PMI Private Mortgage Insurance be removed?
On a conventional loan you can request your pmi to be removed once the ratio of your loan amount to the value of your home reaches 80%. These are based on the purchase price at the time of loan or the appraised value at the time of original refinance. The lender will probably require than an appraisal be done to be certain your loan to value is at 80%. Once your loan is at 78% the pmi will automatically drop off and no new appraisal will be needed.
If you have done improvements to your home or your house value has gone up talk to a lender to see if a refinance to remove Private Mortgage Insurance is a good option for you.
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Ron Meyer
(920) 213-0428
www.gsfron.com
rmeyer@gogsf.com
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
insurance for the dwelling, personal possessions, and liability would be covered under your home insurance policy. PMI or Mortgage Insurance covers the lender in the event that a borrower defaults on the loan.
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