Eliminate Mortgage Insurance

Eliminate Mortgage Insurance - 

As the real estate market recovers and interest rates are still low, you might be thinking of either refinancing for a better rate or simply removing Mortgage Insurance from your existing mortgage.   Working to gain the best payment and using one of these strategies is a good idea to take advantage of every opportunity available.  

Working to Eliminate Mortgage Insurance is a great way to take advantage of rising values and maintain your existing low interest rate if you've already refinanced and lower your monthly payment.

As a real estate professional, it's my job to have my clients best interests at heart. And if staying in a home and using strategies to improve a payment is in their best interests then so be it.  

My first suggestion is to contact your existing mortgage company to ask what is necessary to remove the mortgage insurance.   If you contact your existing mortgage company, it's usually the cost of an appraisal if you have enough equity in your home (20%.)   Your next action should be ask your real estate professional to send you a list of comparable sales IN THE NEIGHBORHOOD.  Sales of similar homes should be printed out and handed to the appraiser at the time of their visit to Eliminate Mortgage Insurance.

Find out the last few sales that are at least the same size, square footage, of your home.  Making sure you have the necessary sales is good planning so that you are confident of the value going forward.  There is no guarantee that the appraiser will give you the same value as those comparable sales, so make sure to have at least 3 comparable sales.  

When you receive the appraisal, read the entire document.  Make sure to notice at the very back of the appraisal is an Addendum with notes from the Appraiser.  This section of the appraisal will advise which property was given the most weight to arrive at the given appraisal value.  

Eliminating Mortgage Insurance isn't something that is done automatically by your mortgage company.  Be proactive and take the steps necessary to Eliminate Mortgage Insurance!