BEFORE:

OPTION 1 -

1 - Call your mortgage company

2 - Ask for a removal of PMI

For EXAMPLE:

Your home Loan is $147,624.81

The mortgage company need a 75% LOAN TO VALUE to REMOVE the PMI

So, you need to have 25% EQUITY in the home, and the loan is 75% of the TOTAL VALUE of the home

So, you need to have a TOTAL VALUE (market price of home) of $196,833

Calculation:  $147,624.81

                      DIVIDE .75

                      = $196,833

This can save you $76 or more of Mortgage Insurance a month in extra cost on the mortgage.

Note: The appraisal can cost between $300 to $1000 to do depending on the size and are of your home. You can pay upfront or paid WITH your next month mortgage payment.

OPTION 2 -

Put 20% down payment when buying a house

"The home buying & selling process BEGINS and FINISH with ME, so that there is no interruption throughout the process.” - LONG M. NGUYEN

AFTER:

OPTION 3 -

Buy out the PMI by paying to remove PMI when getting the loan.