Have you purchased a home with less than 20% down?  If so, then it is highly likely that you are paying mortgage insurance in your monthly payment.  With home values rising, now is a great time to check if you are eligible to lower your monthly payment.

First off, if you have a conventional loan, once your loan to value is at 75%, you can call your mortgage company to request a removal of mortgage insurance.  The process does require you paying for a Broker Price Opinion if your loan is at least two years old or a full appraisal if it is less than two years old, depending on the circumstances.  Another factor that can trigger the approval of the removal of mortgage insurance is if you made significant improvements on the home.  The mortgage insurance will automatically drop off when your payments trigger a 78% loan to original sale price - but why wait if you don't have to?

If you have an FHA loan that was from before 2013, you are also eligible to remove your mortgage insurance and should contact your lender for details.  If you have an FHA loan from 2013 or afterward, you can refinance to remove it but with rising rates, this may or may not make sense.  

For an estimate on what your home is worth, or for recommendations on great lenders to speak to, to determine if refinancing would make sense, message me here.

For a no obligation conversation about your personal real estate needs and an honest professional opinion, please give us a call.

If you are thinking of Buying or Selling or just have a few questions, call Augustina Realty today at 904-671-7160.  

If you are thinking of selling or shopping new homes for sale in Saint Augustine, Saint Johns, Nocatee, Ponte Vedra and all Jacksonville surrounding areas, call your boutique services company, Augustina Realty today at 904-671-7160 to get started today!  We are Nocatee certified and offer a convenient office location in World Golf Village.  Visit http://www.AugustinaRealty.com to search the MLS like a realtor does or call us for a customized search today!

Saint Augustine Realtor and Licensed Real Estate Broker, Stina Antonopoulos is an Award Winning Top Producer at Augustina Realty specializing in residential sales, rentals and property management in St. Augustine, Saint Johns, Nocatee, Ponte Vedra and all Jacksonville areas, call your boutique services company, Augustina Realty at 904-671-7160 to begin today!