Ron Street Intro
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How to save 100’s of dollars a month on your conventional mortgage!
Can this really happen in such a short time?
Yes, as mentioned in the video, with the increased costs of new construction, remodeling, and lack of inventory for sale, most home prices have increased 19% since 2021.
What should I do?
Use this easy 5 step process checklist:
1. if your down payment was less than 20%, Check your mortgage statement, or closing docs you received from the title company.
2. Identify how much you are paying each month for PMI.
3. Write down your current loan balance.
4. Get your free Equity Analysis that computes your new loan to value.
5. Review your original loan amount and compute your new loan to value. If your loan to value is *80% or less, you may qualify to have PMI removed.
How much does it cost?
Just a phone call to your mortgage holder.
What if my lender says NO?
To meet your lender guidelines, you may pay for an appraisal to remove PMI.
*EXAMPLE: you purchased a home for $235,000 in December of 2020 you made a 10% down payment of $23,500. Your new loan was $211,500 = 90% loan to value. Your existing loan balance on 12/31/2021 is approximately $206,900. 19% annual increase to 2/2022 on purchase price: $235,000 = $44,650 to your homes value plus the $4,600 principal paid in 2021 = New Value of your home is now $284,250 New Value $284,250 - loan balance $206,900 = 77,350 in Equity your new LTV = 73% well below the 80% Threshold for conventional loans. PMI is calculated as a percentage of your original loan amount and can range from 0.3% to 1.5% depending on your down payment and credit score. Once you reach at least 20% equity, you can request to stop paying PMI.
* This is only an example to demonstrate how the value of your home may allow you to remove your PMI payment at NO Cost to you. BENEFITS: Your monthly payment is reduced by the amount of your PMI. Your fixed interest rate remains the same.