Just say no to Mortgage Insurance February, 2014
Many homeowners in Rohnert Park use Mortgage Insurance (MI) to purchase their home but don’t realize that when their home starts to climb in value they may be candidates for reducing or even removing this costly insurance.
A typical example would be a home purchased in 2011 for $400,000. If the homeowners financed 95% ($380,000) of the home they may be paying close to $200 per month or more for MI. This monthly expense can skyrocket to close to $400 per month if the loan was insured with FHA’s mortgage insurance which was charged as an upfront cost added to the loan balance AND as a monthly premium.
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Additionally some homes are purchased using Lender Paid Mortgage Insurance and the insurance is “financed” into the interest rate. With this financing option the mortgage insurance in added into the interest rate (financed by the lender). This means you are paying the insurance but don’t necessarily see it broken out in your monthly mortgage statement as mortgage insurance. Since Rohnert Park is enjoying a much anticipated climb in home values it might be time for you to have a loan check up.
You need 20% equity in most cases to remove mortgage insurance however there may be significant benefits to you by even reducing your mortgage insurance through a refinance.
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I offer a free review of your mortgage. I will at no cost, give you an idea if you’d be a good candidate for a refinance out of your mortgage insurance. This review would be subject to credit approval.
Please call me today for details and let see if we can’t improve your budget through either a reduction or removal of your Mortgage Insurance.
Brenda McCracken Mortgage Loan Originator/Stearns Lending NMLS#1042557 707-322-9481 or visit me online at brendamccracken.com
Here’s what my past clients are saying:
In 2013, my husband and I were looking to refinance our home loan and had just been through a discouraging experience wherein we were promised a great rate, only to stop receiving any return phone calls from the mortgage loan specialist we had worked with. Eventually, we received a form letter stating that we were not eligible for the loan.
We decided to try refinancing again, this time with Brenda McCracken. From the beginning, Brenda acted in a manner that was extremely pleasant and friendly as well as professional. She was able to answer all my questions clearly and she really walked us through the process. She got the paperwork moving immediately and always answered my phone calls within less than 12 hours, usually calling me backimmediately. This has helped us tremendously as we were able to lock down a very good rate and our new, lower mortgage payments are saving us $900 per month. I recommend Brenda McCracken in the highest possible terms.
Amy Lager-Smith/Novato
Brenda McCracken is the reason that my husband and I were able to get a mortgage and are now happily living in our new home.
We'd lived outside the United States for more than 20 years and, even though we had excellent credit elsewhere, we had not maintained our US credit. Until we worked with Brenda, we had been unable to convince any US mortgage lender to even consider our situation.
Then, with her years of experience, industry knowledge and professional connections, Brenda made it happen!
JoAnn McEachin/Petaluma
