How to Eliminate Monthly Mortgage Insurance
There are a number of ways in which you can remove your monthly mortgage insurance payment. First of all, it is important to understand a simple of definition of mortgage insurance. The policy protects the lender in case you default on your mortgage obligation. The insurance is required on certain types of loans, especially loans that are classified as a jumbo loan (any loan that exceeds $417,000 in financing). However, if you are having problems with meeting the insurance payment, you can look for ways to remove the insurance obligation.
How to Remove your Monthly Mortgage Insurance Obligation
One of the best ways is to not accept any loan from a private lender that requires mortgage insurance. With the rebound in the real estate market, you are allowed to pick certain loan types, especially if you have a good credit score. Find out if you qualify for an FHA loan or a VA loan. These government backed loan programs do not carry a monthly mortgage insurance obligation. If you do not qualify, and you are limited in buying options, try increasing the value of the home you do decide to buy. Minor repairs, curb appeal and a good cleaning can help increase the value of your home, and may lead to a decrease or full removal of mortgage insurance.
How Centex Capital Helps Avoid Mortgage Insurance
One of the best ways to avoid paying mortgage insurance is working with us. We help you avoid a home loan that requires mortgage insurance. Our network of lenders ensures you find the perfect loan that fits within your budget. Our primary goal is helping you avoid breaking the bank on your home loan purchase or refinance transaction.
Contact us (800)842-2910.