Refinance to Remove Mortgage Insurance – Get Rid of PMI or MIP
We make it easy to refinance and remove mortgage insurance for eligible borrowers. Whether you have a conventional, FHA, VA, or USDA loan, we may be able to help you eliminate your mortgage insurance by refinancing into a new home loan. We offer a simple and efficient loan process with many loans closing in as little as 10 days.
What are the advantages of refinancing to drop mortgage insurance?
- Save Thousands – You could save several thousands
of dollars over the life of the loan by eliminating the costly monthly
mortgage insurance payments.
- Lower Interest Rate – When you refinance you may be able to
switch to a lower rate and therefore save even more money on
your monthly payments.
- Improve Loan Terms – Seize the opportunity to change your loan type and improve various other loan terms. Many switch from an ARM to a fixed rate mortgage, or from take advantage of other opportunities when they refinance.
- Skip Two Monthly Payments – When you refinance, you should be able to skip having to pay two monthly payments.
Conventional loans, as well as VA and USDA loans, have PMI (private mortgage insurance). If you are currently in an FHA loan then you are paying MIP (mortgage insurance premium). Regardless of the loan program you are in you may switch to another type of loan type if you qualify. We will inform you of what loan type will provide you the best loan terms based on your unique situation.
Keep in mind that you do not have to use your current lender to remove mortgage insurance. If you are qualified to do so, we can help you eliminate your PMI (private mortgage insurance) or FHA MIP (mortgage insurance premiums on FHA loans). We will inform you of any and all options that exist for you to avoid paying any more money mortgage insurance (with or without refinancing).
If your only (or your best) option is to refinance, there is a possibility for to receive a lower interest rate saving you additional money. When you speak with one of our loan specialists, they will take the time to explain to you all of your options and what is in your best interest.
If you would like to learn about your eligibility and what options exist for you to remove your mortgage insurance, contact us today. You also might have other options to drop your mortgage insurance without having to refinance. Some borrowers are able to eliminate their private mortgage insurance premium through their lender directly if they meet the guidelines and LTV requirements. This is accomplished through a cancelation request being sent to your lender.
When you contact us we will take the time to carefully learn about and analyze your situation and inform you on what is in your best interest. To receive more information on what you qualify for fill out the form on the right hand side of this page.