Typically, if your current loan is five to seven years old and the loan to value is 75 to 80% you may be able to remove your monthly mortgage insurance. Here are five things you need to know about removing your mortgage insurance.
Make sure your loan is paid up to date and that you have not had any late payments in the last 24 months.
Contact your lender and find out what information they need to remove the mortgage insurance.
Make sure you submit all the required documentation to your lender at the same time. Do not piecemeal the documentation or the documentation will get lost.
Also include current comparable homes that have sold in your neighborhood in the last three months to support the removal of the mortgage insurance.
Call your lender to make sure they received the documentation you sent them. It may take up to 72 hours before your lender has posted the confirmation that they have received your documentation.
Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Please email me today Kathleen@BeckHomeLoanPro.com or call
916-722-0395 to get started on your dream of home ownership.
A person you can count on.
West Coast Mortgage Group
Sacramento, CA 95818