Eliminate PMI !!!
Ok, I admit it. As a Loan Officer, I hate PMI. Unless we are talking about an FHA loan and we have no choice, PMI does nothing for my client, my employer, or I. I have had to decline more loans because the PMI payment made the ratios NOT work than I have gained from clients who could not or did not wish to make a 20% down payment. The rules are written to make it a nightmare for consumers to get rid of it, it is not tax deductible, and so on, grumble, grumble, grumble, complain...... Do you ge the picture? Please do feel free to email me with any questions you have about how to eliminate PMI
If you are refinancing, I have good news for you. If your current Lender will not cooperate by eliminating the PMI payment and you think your home has appreciated, a simple refinance is often the simplest and fastest way to eliminate this waste of money. Also, there are several new loan programs that work, even if you do not have the required 80% Loan to Value ratio.
The best idea is to let me know what you are trying to do and I can "run some numbers" for you so you can make an informed decision on what is best for you.
If you already own your home and are paying PMI STOP! All of the above programs are available to you as well. Today, refinancing is relatively inexpensive (if you don't pay origination fees) and can usually be completed within 30 days. Given the appreciation we have seen recently, we may be able to get an appraisal with an 80% LTV and the process becomes very easy. The best way to find out is to contact me.
Learn more about a "No Cost Refinance"
I have included a page on mortgage documentation requirements which may be useful when planning your refinance.
Find out more about Streamline Refinancing
Learn more about debt consolidation
Calculate your "Payback Period" to verify refinancing makes sense in your specific situation.
* I have included a section on the new Cash Flow ARMS. A LIBOR based product which gives you complete flexibility in managing your mortgage and requires no PMI
In 2008, Short Sales are where most of the bargains in real estate are. Learn more about Short Sales
I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market.
As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.
Prequalify for your Eliminate PMI Loan.