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Refinance

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.

• One Time Mortgage Insurance Great strategy if you know you are going to be in a home for several years. Have 10% equity and the premium is financed into the loan. Most significantly, this program usually provides the lowest payment compared to combination loans and lender paid MI. Recent legislation now requires the MI company to refund a substantial portion of the financed premium if you sell or refinance within the first 15 years! Unlike a combination loan, you retain the ability to pull equity out with a second trust or HELOC for improvements, debt consolidation, remodeling or other expenses. Payment is completely tax deductible and no PMI. 
• Lender paid MI Wonderful new program! Allows as little as 5% equity and a factor is added to the interest rate depending on LTV. Payment is completely tax deductible and no PMI.
• 90 No MI Have 10 % equity and the PMI goes away. Slightly higher interest rate but less than Lender Paid. Payment is completely tax deductible and no PMI.
• Advantage 90 Interesting new program that will allow  10.1% equity and no MI. Interest rate is 55 basis points above market but the premium is eliminated when the value of your home appreciates to where you have 20% equity. Payment is completely tax deductible and no PMI.
• Combination Loans We set the first trust at 80% of the value to avoid PMI, we do a 10 or 15 percent second depending on the equity you have in the property. There is even one loan program which will allow an 80/20 combination. Payment is completely tax deductible and no PMI.

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

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.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

I hope the information on this page was useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well. Your email address will never be used for any other purpose.

Prequalify for your Eliminate PMI Loan.