As home values have risen nationally and new mortgage programs and guidelines have recently been introduced, many homeowners who are currently paying mortgage insurance as part of their monthly mortgage payment could eliminate the mortgage insurance and save hundreds of dollars each month even without the equity once required.
Those homeowners who either brought or refinanced their home in the past but needed to have mortgage insurance as part of their FHA or Conventional loan are now taking advantage of these new programs and increasing home values; many who were not able to just 6-12 months ago.
· Eliminate the need to pay monthly Mortgage insurance (even without 20% equity.)
· Potentially lower mortgage payments, even if the current interest rate is lower than the current market rates.
· Become mortgage free sooner by converting to a 15 or 20 year mortgage and possibly keep the same payment or potentially even a lower payment.
Whether you’re paying mortgage insurance or not, if you would like to have your particular mortgage evaluated, call 1st Mariner Bank at -877-REFI-411 (877-733-4411).