Eliminate PMI

Eliminating PMI by Refinancing

With the rise in home values, you now likely have much more equity in your home than when you originally purchased it. If you have 20% or more equity, you may benefit by refinancing your current mortgage in order to eliminate PMI (Private Mortgage Insurance).

But before you leap, be careful, and make sure that you are making the right financial decision. If you have an FHA loan, then it almost always makes financial sense to refinance out of your PMI however, if you have 20% or more equity and you have a conventional loan currently, then the decision is more difficult. Rebecca Foote Mortgage Team will assist you in determining if eliminating PMI is in your financial best interest.

Benefits of Refinancing an Investment Property

• Shorten your loan term.
• Lower your monthly payments.

Most Popular Loan Options

Conventional Loan

• As little as 3% down payment with excellent credit.
• Fixed rate.

USDA Rural Housing Loan

• No money down.
• The seller, your relatives or your friends may pay your closing costs.

FHA Loan

• Only 3.5% down payment.
• The seller or your relatives may pay your closing costs.
• No income thresholds.

VA Loan

• No money down.
• No monthly mortgage insurance (PMI).
• Available to eligible Veterans and active military members.

Adjustable Rate Loan

• Lower initial payment is great for home buyers planning on selling and moving after 3 to 7 years.