great. video, good advice..thank you ! I will apply the savings towards the balance and add a little more.
@ogfromIE
Жыл бұрын
Best video explaining this topic. 👏
@CatonDelRosario
7 ай бұрын
Thank you 🫡
@russellcanseco1474
2 ай бұрын
3.25% here! Bougt during pandemic 😊
@MarioHernandez-lp7yb
7 ай бұрын
Great Video!
@olgaramirez1447
Жыл бұрын
That takes around 8 years to get the 78% loan value paid.
@CatonDelRosario
7 ай бұрын
Give or take depending on the rate and original down yeah. Definitely worth going the BPO route to get it off earlier
@Mr.Bathelus832
4 ай бұрын
@@CatonDelRosario I would just put 20% down to avoid PMI all the way
@CatonDelRosario
4 ай бұрын
Depending on the price of the home usually isn’t worth the extra $150-200/months you end up saving. I’d rather keep it in pocket and invest it since that equity isn’t accessible unless you sell or finance it again.
@stevenk4920
Жыл бұрын
Thank you, Caton. If you need to get an appraisal, will this impact your property tax? I would like to use appreciation to take away my PMI but worried it will cause my property tax to go up so much that I will end up paying more per year compared to letting it be removed automatically.
@CatonDelRosario
Жыл бұрын
Luckily getting your PMI is not a qualified event for a reassessment of your home, so doing so should not impact your round of taxes. However in places like CA they re assess annually anyways.
@stevenk4920
Жыл бұрын
@@CatonDelRosario thanks for the response! I’ll get in touch with my lender to see what options we may have.
@SolidSnake-bt8eq
8 ай бұрын
@CatonDelRosario exactly the answer I was looking for
@keithferguson6353
5 ай бұрын
I would like to know as you were saying that PMI was a necessary evil, so are you saying that if there was no PMI, then you would have to make the full 20% down in order to buy a house? Look forward to your feedback on this matter
@CatonDelRosario
5 ай бұрын
It has more to do with current guidelines and what banks like to tolerate for risk. For conventional loans they aren’t backed by the government so the risk falls entirely on the banks. As current guidelines stand PMI is absolutely required for conventional mortgages over 80% loan to value That being said that’s why you see VA loans with 0% down and no PMI since 25% of the balance borrowed is backed by the VA. So from a risk standpoint it’s like there’s 25% down coverage in case of default.
@killerzone3355
25 күн бұрын
Thanks for the video, appreciate it sir. I realize that it is up to the mortgage company you chose; however, is paying more than a 20% payment in order to make the monthly payment more manageable, an exempt of the pmi in any way?
@ramontorres3093
Ай бұрын
I have FHA and been paying for 12 months now. Can you help me. Great video.
@bencortez9907
Ай бұрын
If you have an FHA loan your PMI is for duration of loan.
@BrandyAguilar-j8h
2 ай бұрын
My servicer stated paint new flooring doesn’t count. It mentions remodeled such as bathroom and kitchen upgrades count. We only have new floor tile in bathrooms. We have however put in a pool that cost us around 55/60k as well as solar. Do u know if those two items typically count?
@CatonDelRosario
2 ай бұрын
Pool definitely can be a huge improvement to value. Solar doesn’t count however.
@NellysDIYcreations
2 жыл бұрын
I bought my home a year ago and my mortgage lender told me under fannie mae in order to qualify for an early appraisal I have to have substantial structural renovations or I have to wait 2 years for an appraisal that has to fall on the anniversary date of first payment made. Guess i have to wait another year
@CatonDelRosario
2 жыл бұрын
have you done anything that would be considered a substation renovation? here's what fannie mae's guidelines say counts towards that requirement: Improvements that increase value are typically renovations that substantially improve marketability and extend the useful life of the property (e.g. kitchen and bathroom renovations and/or the addition of square footage). Repairs that are made to keep the property maintained and fully functional are not considered improvements. So while repairs don't count, even simple things like adding backsplash and new appliances, as well as new flooring in a bathroom can count towards those requirements!
@NellysDIYcreations
2 жыл бұрын
@@CatonDelRosario only thing done was the roof and going to do staircase in a month or so. I think roofing is considered cosmetic so I dont know if that counts. Not sure if an appraiser would already know what was upgraded or not in the home so I wonder if I can just put anything to have them come out.
@NellysDIYcreations
2 жыл бұрын
@@CatonDelRosario this is what they sent me: What are substantial structural improvements? A substantial structural improvement is typically renovations that substantially improve marketability and substantially extend the useful life of the property. This can be a replacement of a major component (i.e. kitchen renovations replacing cabinet and countertops or bathroom renovation replacing bathroom tile or bathtub) or significant structural alteration to the property (i.e. relocating walls, adding additional living space, finishing a basement, garage, deck, or in-ground pool. What are not structural improvements? Cosmetic improvements are not considered structural improvements and will not affect the property value as much as structural improvements. Repairs that are made to keep the property maintained and fully functional are not considered improvements. Cosmetic improvements include: new paint, new siding, a new roof, new carpeting, new flooring, landscaping, new windows, new light fixtures, new appliances or a new heating/air conditioning unit.
@abackm94
2 ай бұрын
@NellysDIYcreations the roof is structural and protects their investment! Give it a try the worst you can hear is no
@brianK05
Жыл бұрын
My lender told me I have to justify the increase in value of my home with improvements in order to remove PMI
@CatonDelRosario
Жыл бұрын
often the simplest upgrades or updates count! backsplash to your kitchen, new appliances, etc. They don't have to total the increase value but the home can't be in the exact same state as you bought it. The appraiser will then reasses the home based on it's new value. It's a dumb hoop to jump thru but often very easy.
@brianK05
Жыл бұрын
@@CatonDelRosario thanks for the advice!
@carloscalderin7897
2 жыл бұрын
My mortgage company won't help me get rid of my PMI! My house is worth 300,000 more than what I paid 23 months ago. What can I do?
@CatonDelRosario
2 жыл бұрын
that's awful, sometimes they'll want to know if you made "structural" improvements since some loans have that caveat. Just say yes so they get the ball rolling. Even if you've done small things like new appliances, floors, or paint the appraiser should still take into consideration the valuation of the property based on recent comps. Keep calling and trying.
@phoebephoebs6548
2 жыл бұрын
If is an FHA loan , they wont remove it unless is 11 years or the life of the loan depending on what your down payment was.
@chaselesser3191
2 жыл бұрын
Sometimes you have to wait 24 months like me (well it’s 24 on time payments.). I would try again. Ask them for options , unless you are under that crappy “11 year wait” umbrella.
@Yaya-cl3tu
2 ай бұрын
Great video! I purchased my new construction home in Sept 2021 and want to have the PMI removed. Which online estimator do you find to be the most accurate? I checked Remax and Redfin, and the estimates are vastly different. Unfortunately, my house still does not show up on Zillow's website. Also, do you have to have 80% or 78%? I make biweekly payments and removing the PMI would save me $237 per month. Hopefully, I will qualify to have it removed.
@danp.4707
2 жыл бұрын
Great video. I bought my home for 297k and currently owe $266k after closing. It appraised 5 months ago for $340k. That puts me below 80% LTV. With the current market, do you think I'll be able to get rid of my PMI?
@CatonDelRosario
2 жыл бұрын
Most lenders won’t let you remove PMI until after 12 months since you bought the home but I’d recommend calling and requesting an appraisal to remove PMI. Don’t let them try to upsell you on a refi if you have a low rate already rates are higher right now.
@danp.4707
2 жыл бұрын
@@CatonDelRosario They sent me the form that stated I could get rid of the PMI now as long as a BPO came in at 80% (LTV) or less. Just have to pay $105 for the BPO. I have a good rate, 2.6% so I don't want to refinance.
@CatonDelRosario
2 жыл бұрын
@@danp.4707 that’s solid I’d go for it
@teggyDa9
28 күн бұрын
My estimated home value is 438,239 my balance owed is 318,828 estimated home equity is 119,410 would I be able to take off pmi?
@CatonDelRosario
13 күн бұрын
Yes! Give your servicer a call and see if you can get it removed!
@vallloyd9653
4 ай бұрын
How can I drop off PMI on low cost bcs my mortgage is not over double of what I used to pay , only escrow is 6 times of the amount I started with in just 2 years 😢
@IncognitosRandom
7 ай бұрын
My PMI was $3,219 a year. Just got an escrow analysis and it says my PMI is increasing to $8,852 annually. Is that even possible (I'm in NY)??!?
@CatonDelRosario
7 ай бұрын
Your PMI shouldn’t be increasing at all it’s typically set unless for some reason payments weren’t made Check the escrow analysis could be the property taxes that are going up?
@IncognitosRandom
7 ай бұрын
Hi - The escrow analysis definitely says the new PMI is $8.8k. Everything else is basically the same. I have to make some calls in the morning...doesnt make any sense
@CatonDelRosario
7 ай бұрын
@DenizensoftheDeepOceanUniverse yeah that’s definitely not working as designed. Let me know what happened there I’ve never heard of that happening ever
@IncognitosRandom
7 ай бұрын
@@CatonDelRosario thanks, will hopefully get some answers tomorrow
@geidyroque6250
3 ай бұрын
Hi, I love your video. Quick question I have paid 55% of my entire mortgage but the Leander said PMI can’t be removed because I have to pay it for 11 years is that correct?
@juanrivasgonzalez9087
6 ай бұрын
I been getting call about the mortgage insurance its about to end to renew it what thats mean
@CatonDelRosario
6 ай бұрын
That’s something different. “Mortgage protection insurance” is basically just life insurance. Not typically worth the effort
@juanrivasgonzalez9087
6 ай бұрын
Not it's really something about mortgage insurance it's not home insurance I will contact them and verify at first I was thinking a scam call let see
@CatonDelRosario
6 ай бұрын
@@juanrivasgonzalez9087 only calls you’d be getting about it would be coming from your servicer anything else is a red flag for a scam call
@chowchowkenobi9769
6 ай бұрын
if i had an appraissal recently done not theu my lender can i used that appraissal, or is the lender going to require an appraissal of their own?
@CatonDelRosario
6 ай бұрын
Your lender will need their own ordered
@MarilynTorres-e6d
7 ай бұрын
Oh, I forgot my interest rate is 3.75%.
@CaptainProx
8 ай бұрын
I need some clarification on something, let's say for example I'm paying $100,000 on a mortgage. Would I need to pay $20,000 or $80,000 to reach 20% equity and for my PMI to go away?
@CatonDelRosario
8 ай бұрын
If you bought home for $100k you would have to have your loan balance hit $80k (80% loan to value) to request removal and $78k (78% loan to value) for it to automatically fall off. Hope this clears it up!
@ogj13
6 ай бұрын
Pay $20k ,,,,,,, then your remaining balance on what you owe on your home is $80k.... 20% off $100k = $20k
@inspector87
4 ай бұрын
If my home was 205,000 and we put 41,000 down our loan amount is 165,000 on fha is there a way to get rid of pmi before the 11 years.
@theresachemin4993
6 ай бұрын
My interest rate is 6.99% and my PMI $9.56
@CatonDelRosario
6 ай бұрын
That’s a crazy low PMI! What was your loan and how much did you put down?
@MaryGant-q2y
4 сағат бұрын
Gonzalez Scott Wilson Shirley Harris Scott
@tynktynk9151
4 ай бұрын
What about VA Guarantee Loan and Hazard insurance
@CatonDelRosario
4 ай бұрын
VA loans don’t have mortgage insurance. Homeowners/hazard insurance is required for any homeowner regardless of financing
@JO3haNsum
10 ай бұрын
Which should i choose BPO or Appraisal?
@CatonDelRosario
10 ай бұрын
We did BPO and it was super simple
@MarilynTorres-e6d
7 ай бұрын
Hi Caton ☺️ I just found you, and I'm interested in what you've shared. I'm wondering if you're able to answer the following. I purchased my home in 2017 it's now 6 years that I've been in my house. I was wondering about my PMI, so that's how I bumped into you. So my question is, if I purchased my home at $84,500, the down payment was about $10,000. I owe $70,017.70. I just took out a Heloc, and it was appraised @ $155,000. I'm also about to renovate my kitchen as it needs a lot of TLC, and this, of course, will be after I had the appraisal for the heloc. Do you think I have a chance of getting my PMI removed? I'm going to look at my closing papers as well to check if there's a possibility, but I would appreciate your opinion. Thank you in advance Great information 😂
@CatonDelRosario
7 ай бұрын
Hi! You definitely should be in prime position to get riding your PMI if you have a conventional loan! Call your servicer and request it!
@JB-jv6be
Жыл бұрын
3:00 Isn't is actually the lesser of the appraised value and the purchase price?
@CatonDelRosario
Жыл бұрын
That’s correct. Misspoke a little there.
@hectorochoa4203
Жыл бұрын
Does this work for FHA loans aswell?
@CatonDelRosario
Жыл бұрын
FHA is a little trickier it depends on how much you originally put down. 10% it comes off automatically after 11 years.
@hectorochoa4203
Жыл бұрын
@@CatonDelRosario thank you that's what I read. Definitely not an option to refi though.
@CatonDelRosario
Жыл бұрын
@@hectorochoa4203 with rates as high as they are right now, definitely not. I'd take a sub 3% rate with PMI for life over a 7% every day of the week though.
@kjeri04
Жыл бұрын
@@CatonDelRosariosir how does this apply if the house is refinance? Would it still be for life?
@HarrodMaud-i3y
5 күн бұрын
Jackson Donna Moore Laura Martin Michelle
@kingofslotsmillion3263
4 ай бұрын
Does the new evaluation make your taxs go up on ur home
@@CatonDelRosario another person on another Chanel replied that taxs do go up?.... who is right?
@CatonDelRosario
4 ай бұрын
Removing PMI isn’t a taxable event. Only something like a deed transfer or sale would trigger it.
@BostonSummit-v1l
3 күн бұрын
Gonzalez Anna Jones Brian Hall Amy
@JeromyDankerS
21 сағат бұрын
Robinson Ronald Clark James Jackson Larry
@BrandyAguilar-j8h
2 ай бұрын
My servicer stated paint new flooring doesn’t count. It mentions remodeled such as bathroom and a kitchen upgrades count. We only have new floor tile in bathrooms. We have however put in a pool that cost us around 55/60k as well as solar. Do u know if those two items typically count?
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