http://stephanieg.cbvegas.com/blog/categoryname_home/sort_entrydatetime-desc/ What is PMI?Private Mortgage Insurance (PMI) is a type of insurance that conventional mortgage lenders require from borrowers who make a down payment of less than 20% on their home. This insurance protects the lender in case the borrower defaults on the loan. PMI is typically added to your monthly mortgage payment and can range from 0.58% to 1.86% of the original loan amount annually. For instance, using NerdWallet’s PMI calculator, if you have a $400,000 mortgage with 10% down you could be paying around $450 in PMI a month depending on your PMI rate. How do you cancel that extra amount?How to Cancel PMI EarlyAlthough PMI is automatically canceled when your loan balance reaches 78% LTV (loan-to-value). For most conventional loans you can take proactive steps to have it removed sooner (please note that there are different stipulations to cancel PMI on government-backed mortgages like FHA loans):Make Extra PaymentsPaying more than your monthly minimum can reduce your principal balance faster, helping you reach the 80% LTV threshold more quickly.Timely PaymentsConsistently making mortgage payments on time is crucial. Lenders usually require no late payments in the last 12 months and no 60-day late payments in the last 24 months to consider PMI cancellation.Make Significant Home ImprovementsAdding value to your home with significant renovations like kitchen and bathroom remodels, room additions, or outdoor renovations like putting in a pool or patio, can help reach the LTV threshold sooner.Refinance Your Mortgage Refinancing your mortgage at a lower interest rate or to shorten the loan term can help you eliminate PMI faster. Additionally, you might use a home equity line of credit as a 2nd mortgage (80/10/10) to avoid paying PMI on the first lien.Evergreen Home Loans Can HelpEvergreen Home Loans offers a range of services to help you cancel your PMI. They provide financial planning guidance, refinancing options, and assistance with home value assessments. Their dedicated team ensures you have the support needed to navigate the PMI cancellation process smoothly.PMI can add significant costs to your monthly mortgage payments, but with strategic financial planning and support from Evergreen Home Loans, you can reduce or eliminate these payments sooner than expected. By making extra payments, maintaining a stellar payment history, improving your home, and considering refinancing, you can potentially cancel your PMI earlier, saving money in the long run. Take control of your mortgage with the help of Evergreen Home Loans and explore these options to achieve financial freedom from PMI.   http://stephanieg.cbvegas.com/blog/21309/understanding-and-cancelling-pmi-private-mortgage-insurance/ Fri, 19 Jul 2024 03:08:41 -0800 The holiday season is the best time to sell your home as 23% more homes sell during November and December than after the new year. and we are here to tell you that selling a home during the holidays doesn’t have to get in the way of the festivities. In fact, when sellers, REALTORS, and stagers work together, it is amazing what can happen.Top home staging tips for any seasonThis blog post was originally featured on utopiahomestaging.comUtopia Home Staging is a Coldwell Banker Premier Service Provider. Visit their website for more home staging tips. http://stephanieg.cbvegas.com/blog/21194/4-ways-to-make-selling-your-home-during-the-holidays-stress-free/ Tue, 17 Nov 2020 01:59:37 -0800