PMI Mortgage Insurance


Hey gang, we’re talking about
private mortgage insurance today. If you own one of these (house) and you don’t have at
least 20% equity, then you probably have private mortgage insurance and you would
love to get rid of that. We’re going to talk about how you can get rid of that
if you have 20% equity, “what the heck does that mean?”
– Stick around Alright is this thing on?
I think it is, I think it is. Alright, I am NOT gonna beg you guys to hit the
subscribe button right down there like other YouTube channel people
do. You know, they kind of almost hold you hostage, but I’m not gonna do that. No, I
am gonna do that, I should, should I have me hit the subscribe button before I
continue on? No that’d be dumb, I’m not gonna beg, I’m not gonna beg you to hit
the button or hit the bell cuz that would be stupid!
We’re gonna cut this all right? We’re gonna cut this out, we’re gonna cut this
out, good okay cool. Alright how to get rid of your private mortgage insurance. I
know crazy exciting topic but it allows you to access some money and get some
extra cash that you didn’t have every month so that is exciting. To get rid of
your private mortgage insurance you need to have a conventional loan not an FHA
loan, boo sorry about that. They change the rules on that a while
back. You need to have live in your house for at least two years and you need to
have 80% equity in your home. What the heck is that mean? Here’s an
example, if you owed $300,000 on your house, 80% equity would be 240 grand, so
you’d have $60,000 of equity in your home. Well then what do? you’d call me. You
give Brian a call if you live in the Twin Cities, if you don’t live in the Twin
Cities then you give your favorite real estate agent wherever, you live a call
and they can do a competitive market analysis at least that’s what we call it
here in the Twin Cities a CMA on your home for free at least that’s what I do.
That will help you determine if you have that 20% equity that you need. If
you’re close the next step is to get an appraisal and you’ll probably need a
referral for an appraiser. If you do, down in the description box below hit me up
with a comment and I’ll be more than happy to send a great appraiser your way.
After the appraiser comes out if you have 20% equity in your home then it’s
usually a very easy process to remove your PMI. You take that appraisal, send it off
to your bank and they will remove your private
mortgage insurance. Then you’ll have extra money every single month it’s that
easy. All right if you want more great content go ahead and hit the
subscribe button also hit the little bell, we put out great videos each and every week
on everything a real estate-related. Appreciate you – see you later. back you need to live in your house I’ve
lived in your house

Paul Whisler

9 Comments

  1. Great way to save money! With prices going up recently many people will probably qualify for this.

  2. Good tip, Brian! Free up money from your PMI and use it to pay down debt in other areas.

Leave a Reply

Your email address will not be published. Required fields are marked *