Get Rid of Private Mortgage Insurance in 2021!
We are entering 2021 and homeowners will now be able to enjoy the dual blessing of rising home values and low rates. Home values have significantly increased during 2020 and rates have been at historic lows. This puts current homeowners in a fantastic position to refinance out of mortgage insurance!
It’s true that most homebuyers don’t put down 20%. Actually, on average, the down payment is more like 6%. So that means most first-time homebuyers are paying some kind of mortgage insurance and, not to say that’s a bad thing, but it’s not fun to pay either.
Because of the recent increase in home values in 2020, many homeowners may now have 20% equity despite putting only 5-10% down not that long ago and these homeowners may be able to refinance into a conventional loan and get rid of PMI altogether. This is true for those with private mortgage insurance (PMI) or FHA mortgage insurance (MIP) and it could save you hundreds of dollars per month.
So if your home equity has skyrocketed in the last 12-24 months, it’s worth talking to a professional who can let you know your chances of refinancing out of your mortgage insurance for good. Call Global Unity Mortgage today at (860)872-9479 and check out how much money you may be able to save! You may also contact us here.