Don’t wait for 20% equity learn how we will buy out the upfront cost of mortgage insurance for you to remove it with as little as 5% equity in your home.
With rising home prices appreciating in value – now is the time to act.
With as little as 5% equity in your home, you can cancel mortgage insurance (PMI)
What is PMI? PMI also known as private mortgage insurance or MIP also known as Mortgage Insurance Premium can both be removed without requiring 20% equity in your home. It can take over 10 years waiting to remove PMI and for MIP on FHA 30-year mortgages it can only be removed now through refinancing. Nobody likes PMI insurance, but it is there for peace of mind for the investor who buys your mortgage from the mortgage bank through Fannie Mae or Freddie Mac. In the case of MIP, it is Ginnie Mae who buys your mortgage and then sells it as a safe investment to Wall Street pension funds and mutual funds that you yourself can invest in even. Fairly ironic isn’t it that you may be lending to yourself through your own pension fund with a lot of people in the middle. If the home goes to foreclosure the mortgage insurance pays any loss if the home is sold at auction making a loss.
Market Place Mortgage’s mortgage insurance cancellation program does not require 20% equity only 3% equity. Getting rid of PMI is easier than you thought. Like any insurance it is cheaper if you pay for it upfront versus over many years. With as little as 3% equity and with the revenue we generate from Fannie Mae and Freddie Mac paid to us we will rebate this to you to pay the cost of the mortgage insurance upfront, so it is not charged to you on a monthly basis. PMI removal is much cheaper this way. We are happy to ethically cap our internal expenses and income and transparently share the excess profit with you, our future partner for life, that can now be used to cover the cost of mortgage insurance upfront with a one-time payment that we cover with closing cost credits. This is the Market Place Mortgage difference.
Pay Off Your Home Faster by refinancing to remove mortgage insurance and save tens of thousands even if rates have gone up since you last did a mortgage.
For example, a $200,000 FHA THIRTY-year fixed rate mortgage payment at 4.75% rate is a principal and interest of $1043 with mortgage insurance of $142 for a total of $1185 excluding tax and insurance. A TWENTY- year conventional fixed rate mortgage payment even at a higher rate of 5% with no mortgage insurance is only $1319 for principal and interest. By removing mortgage insurance and even with the payment going up our customer will save $58,920 in mortgage payments by saving ten years of payments and $50,198 in mortgage insurance. That’s over $100,000 saved even with a higher interest rate that can now be used for our customers retirement savings instead of mortgage payments.
Start saving today and learn more by calling one of our licensed loan officers for a free no obligation professional consultation. Take a few minutes with us to learn more about the most important investment of your life and how it can work for you and your retirement plans.
Call us today for a free consultation!
A No Closing Cost Conventional Refinance. - No Mortgage Insurance. - Only 5% Equity Required... NOT 20%
An FHA Streamline Refinance. - No Appraisal Required. - Under new rules, Monthly Mortgage Insurance is being reduced by 33%.