🏑 Homeowners Alert: Say Goodbye to PMI! πŸš«πŸ’°

Are you still paying Private Mortgage Insurance (PMI) because your down payment was less than 20%? If your home's value has surged recently, there's a savvy way to potentially drop those PMI payments and save big! Here's how:

πŸ” Consider a Broker Price Opinion (BPO): This is a cost-effective, less detailed alternative to a full appraisal that estimates your home's current market value. It's like a financial health check-up for your mortgage!

πŸ’‘ Why a BPO? If it shows your Loan-to-Value (LTV) ratio is now 80% or less (meaning you own 20% or more of your home's equity), you could qualify to remove your PMI. Imagine the savings!

πŸ“‹ Here’s What You Need to Do:

  • Contact Your Lender: Not all loans qualify, and rules vary by state, loan type, and whether it's your primary home, second home, or an investment property. Unfortunately, FHA loans typically don't qualify, as their rules are a bit different. (if your lender say’s you are eligible and you want an updated analysis to prove eligibility. Use this link https://rem.ax/3SOzvPW to provide you with a ballpark version of value. We will check it out and update your valuation at current market levels for 2024. Giving you further evidence for your pmi removal.

  • Ask About Their Process: Your lender will have specific steps to follow and might require the BPO to be ordered through them.

  • Consider the Costs vs. Benefits: While there's a fee for the BPO (in my case, it was just $190), the long-term savings from eliminating PMI can be substantial.

🏠 Remember: This strategy isn't a one-size-fits-all and may not work for everyone. It's crucial to have a chat with your lender to understand the specifics of your situation.

Don't let that annoying PMI cling to your mortgage any longer than necessary. With a little effort and a small investment, you could boost your monthly cash flow. If you've seen your home's value go up, now's the time to act!

Feel free to share your experiences or reach out if you have questions. Let's help each other save some money and make informed financial decisions. πŸ’ΌπŸ“ˆ

#HomeOwnership #SaveMoney #NoMorePMI #RealEstateTips #SmartInvesting