Mortgage Insurance for Refinances

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August 17, 2021

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VIDEO TRANSCRIPT

Hello, in this video, we're going to go over mortgage insurance

and what it looks like when you're refinancing.

So this is kind of a general guideline

for what mortgage insurance looks like, the coverage you have when you're doing

different amounts for the loan to value on everything.

So when you maybe bought your house,

maybe you put five percent down, your coverage on that would probably have

been about 30 percent if you were doing a 30 year fixed rate mortgage here.

So 30 percent.

So when people are refinancing these days,

a lot of your value is gone up a lot on a lot of on a lot of properties.

So that should bring down your loan to value quite a bit here.

But for people that still have in over 80

percent, you still will need mortgage insurance.

But we're seeing a lot of people

that there maybe are not down below 80 percent yet, but maybe this.

Eighty five percent below with this 12

percent coverage, you're getting your mortgage insurance

for a lot cheaper, potentially, maybe even as low as like a third or less

for your monthly mortgage insurance versus what you're currently having.

And if you do get the 80 percent or below, then you can completely eliminate your

mortgage insurance and that can save you a lot of money.

And we're seeing not all the time, but a lot of the time.

Right now, we're getting property

inspection waivers, which means that you don't even need an appraisal.

So that saves you some money and some time we've not even have to do the appraisal

requires some playing around with some numbers on our end.

But that's something we could definitely look into for you.

All I need to be able to get a pretty good idea of what a refinance would look like

for you is a current mortgage statement and just your estimated credit score.

That's all it takes.

And I can get a decently accurate quote for you.

And then if that's something

that interests you, we can go into it a little bit further.

If you have any questions, reach out to me.

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