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“Refinancing is Not Necessary”

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Refinancing is Not Necessary”

 

Hi Joe,

I hope all is well with you and your family.

We have been discussing our monthly mortgage insurance, do we need to refinance to eliminate it? What are your thoughts, as we owe under $380,000 and I'd think we would appraise over $500,000? Thanks!

 

With values having increased as they have over the last couple of years, eliminating PMI is most likely pretty simple. In the majority of cases the servicer will require an appraisal be done and if there is sufficient equity, they will remove the monthly mortgage insurance from the mortgage payment.

Originally posted on Right Trac Financial

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (4)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. Sometimes a good counselor does not monetarily profit but expands their goodwill. Referrals come easier and more often. Enjoy your day.

Jul 08, 2022 05:03 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Joe, great insights!!!

 the servicer will require an appraisal be done and if there is sufficient equity, they will remove the monthly mortgage insurance from the mortgage payment.

Jul 08, 2022 05:40 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

Jul 08, 2022 06:00 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Great information Joe! Thanks for sharing.

Jul 08, 2022 06:02 AM