What is mortgage insurance? Why do I have it? Can I get rid of it? These are just a few questions that might be running through your mind as you are viewing your mortgage statement to determine if you are overpaying every month.
Private mortgage insurance is required to be paid by borrowers if they put less than 20% down on their home during purchase, or if they are currently in an FHA loan. It’s purpose is to insure the home against default by collecting a monthly premium from the borrower until they reach 20% equity in the property thereby protecting the lender from additional risk.
Fortunately, Handshake Home Loans offers products that can ELIMINATE your monthly PMI prior to reaching 20% equity in your home by having the lender pay this FOR YOU! This could save years of waiting and hundreds, if not thousands, of dollars.
If you’re interested and think you can benefit by dropping your monthly PMI payment every month, have one of our mortgage experts complete a free mortgage review to see if you qualify by calling 888.524.4513 or fill out this quick App.