– Crystal Vagnier – Select Group – Writer/Editor
For most home loans a requirement of Mortgage Insurance (MI) is necessary when a loan-to-value (LTV) ratio is above 80%. But paying Mortgage Insurance can become unwieldly on top of monthly bills and regular mortgage payments. However, if your LTV finally reaches 80% or lower with consistent mortgage payments, then refinancing is a great option to eliminating MI payments. Think of the additional savings that can be applied to your other financial needs! In addition to eliminating MI payments, refinancing could also potentially lower your monthly payments and expenses. You can calculate your LTV by dividing the current balance of your loan by the current value of your property.
Contact one of our Stanford Mortgage Advisors to see if you’re eligible for refinancing and what your mortgage options are at (866) 912-3017. Start saving money today!