If you’ve already been paying PMI for a few years, then it is time for a quick zombie check. Most lenders don’t consider important parts of killing PMI: market appreciation, inflation and home improvements. All the factors combined can help cancel PMI sooner and save thousands of dollars.
Here are two examples that show LTV – one considering just principal payments and the other considering principal payments, estimated home value appreciation and estimated value of improvements. Without home improvements or appreciation, it will take over 6 years and over $6,300 of PMI for a $250,000 home with 10% down to reach a 78% loan to value (LTV) ratio and qualify for automatic cancellation of PMI.
In the second example, with $7,000 improvements and 2% annual local market appreciation, PMI can be waived in about 3 years and cost less than $3,300. THAT’S ABOUT A $3,000 DIFFERENCE IN PMI COST!!!
$250,000 purchase price and $225,000 mortgage at 4 % interest and PMI of .005% of loan balance
FREE FOR A LIMITED TIME!
The confidential PMI Zombie Quick Check helps you know when you can request cancellation of PMI. Combined with information you provide, you get:
- Your current estimated loan to value ratio (LTV)
- Estimated appreciation for homes in your ZIP code
- Recommended next steps to help cancel PMI
We’ll send you a personalized report within 24 hours based on your home and mortgage data and our magical algorithms to help you avoid overpaying for your PMI.