Get Rid Of PMI
Get Rid Of PMI By Refinancing Your Mortgage
With the rise in home values in the Colorado area over the past few years, you likely have much more equity than when you purchased your home. If you have 20% or more equity, you may benefit by refinancing your current mortgage in order to get rid of mortgage insurance.
But before you leap, be careful, and make sure that you are making the right financial decision. If you have an FHA loan, then it almost always makes financial sense to refinance out of your PMI, even if your rate goes up slightly, because the elimination of the PMI will most likely far offset the increase in rate. Better yet is, if you can keep the same rate or lower your rate at the same time. And with most FHA loans, you cannot ever get rid of the mortgage insurance, so it is smart to take advantage of low rates while we still have them.
However, if you have 20% or more equity and you have a conventional loan currently, then the decision is more difficult. If you are at least 2 years into your current loan, then you may be able to apply with your current lender to eliminate the mortgage insurance directly through them, without incurring the cost of a refinance.
It does makes sense; however, to get rid of PMI through a refinance if rates are lower, even if it's only slightly lower, and especially if your mortgage lender can keep the closing costs low. It also makes sense to refinance even if rates are the same as your current rate, if you are less than two years into your current mortgage because you will save many months of mortgage insurance payments.
One other scenario where it makes sense to refinance vs. applying with your current mortgage to cancel the PMI, is if you are shortening the loan term, from a 30-year fixed to a 20 or 15 year fixed loan for example.
If you have enough equity, you may even be able to pull cash out to pay off debts, lower your rate, AND eliminate mortgage insurance all at the same time!
We will give you honest answers to your questions and a fast no-obligation rate quote for your scenario. Just give us a call, 720-598-0506 or email email@example.com. Your trusted and experienced solution to get rid of PMI by refinancing your mortgage in Colorado!
We had a great experience with AMG overall. Because of some outside circumstances they were more than willing to go the extra mile in making sure that funding went without a hitch. Communications were always prompt and the online document signing was easy and straightforward.
I never plan to move again but if I did I wouldn't hesitate to go back to Mr Beattie.
Yes! We would definitely use this team again any time. The entire team was extremely helpful in every aspect an step. Jeff and his team was always available to answer any questions. Checking and double checking our documents and crunching numbers within record times during the actual looking stages of a home to find the right one. This team didn't stop till we signed our closing documents. Loved them!
We couldn't have done it without Jeff, Anne, and Brenda. They stayed on top of everything throughout the whole process. We'd definitely recommend them!
Absolutely loved working with Jeff and Anne. They are so knowledgeable and personable. They are available on evenings and weekends to answer all questions. My realtor was horrible and they pretty much assumed the role of realtor and mortgage broker. I have referred them to friends and will continue to do so. Amazing experience!
Jeff Beattie and the entire Alliance Mortgage Group team were professional and responsive throughout the refi process. Special circumstances required increased attention to detail which they managed competently and built my confidence in their team. They will get my exclusive referral for anyone looking for a business with a professional and personal approach when needing to refinance.
The team at AMG were so helpful and knowledgeable about everything we needed to make sure this refinance went smooth! Jeff and his team were there every step of the way to ensuring all my questions were answered and I was completely comfortable with the process. I wouldn't use anyone else to handle or mortgage needs.
We were purchasing a second home in the mountains and had a couple complications with the seller which turned a routine process into a difficult one. Jeff was there every step of the way with us. He and his team were so helpful and knowledgeable about everything we needed to make sure the deal went through! They also were very easy for our real estate agent to work with as well. They provided the documentation needed quickly and were extremely thorough to make sure we hit our deadlines. Without AMG Lending and their hard work our deal would not have happened. We thank Jeff and his team for going above and beyond. We wouldn't use anyone else to handle or mortgage needs and refer everyone we know looking to buy a home or refinancing.
Jeff and his team were completely amazing! I came in needing funds, and Jeff was able to assist with my difficult situation with apparent ease. I absolutely cannot recommend him and his team enough. They were extremely friendly, kind, and efficient. Thank you!!
My husband and I used Jeff Beattie for our refinance. We have refinanced previously and I have never seen such professional and comprehensive service. He explained the process completely from the start and kept us advised as to each step in a timely manner. Whenever we had questions, he promptly responded and made sure we understood all of the details involved and explained in fully comprehensive and comprehensible manner. The refinance was completed in a reasonable time frame and he was most courteous and knowledgeable. I would not hesitate to recommend Jeff.
What an amazing group of folks. So knowledgeable, professional, awesome customer service, prompt follow up, getting the best in all services, friendly...they were top notch all the way around
Every point of buying our home went so smoothly, without a hitch! Thank you so much for helping us buy our dream home! We would recommend Jeff to anyone!