Loan Programs & Mortgage

1 - Call your mortgage company

2 - Ask for a removal of PMI

For EXAMPLE:

Your home Loan is $147,624.81.

The mortgage company need a 75% LOAN TO VALUE to REMOVE the PMI.

So, you need to have 25% EQUITY in the home, and the loan is 75% of the TOTAL VALUE of the home. So, you need to have a TOTAL VALUE (market price of home) of $196,833. 

Calculation:  

Divide $147,624.81 by 0.75 = $196,833

This can save you $76 or more of Mortgage Insurance a month in extra cost on the mortgage.

Note: 

The appraisal can cost between $300 to $1000 to do depending on the size and area of your home. You can pay upfront or paid WITH your next month mortgage payment.

Put 20% down payment when buying a house.

Buy out the PMI by paying to remove PMI when getting the loan.