Get Rid of PMI Mortgage Insurance
I am writing this post as a public service to all homeowners in the counties of San Mateo, San Francisco, Alameda, Contra Costa, and Marin Counties. If you are paying for mortgage insurance (also known as PMI, MIP, or MI) stop this insanity! You have an alternative.
With 5% equity, you can refinance into a loan that does not require mortgage insurance. How much will this save you? $100? $200? $300? Even more?
The maximum loan amount for this program in these counties is $625,500!
The loan product offered for this program is a 30 year fixed rate. There is no pre-payment penalty! A plain as vanilla mortgage!
Real estate agents - who have you helped buy a home that made a down payment of less than 20%. These clients will love you if you help them save some money, so tell them about this! You may also be able to sell more homes with this financing.
What's the catch, you ask? There are maximum income limits. The limit in San Mateo County, for example, is $123,600 per year. Not exactly poverty level income limits, so many can qualify.
There is a work-around of the income limit - some geographical areas in these counties are not subject to the income limits!
I bet every time you write that check for mortgage insurance you think "I wish I didn't have to pay for mortgage insurance".
With this program, your wish can be granted!
Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.