What is PMI and how do I get rid of it?!

I’m so happy that the days are longer and the weather is getting warmer. The spring market is heating up, and I’ve already put 6 people under contract this month for new homes. Interest rates are still hovering around the same 7%, but if you’re looking to invest or move to the city, home prices are still relatively low.

On June 18th, my partners and I are going to be hosting a lunch and learn. I will be sending out more information soon but we are going to be discussing how you can save money now (see PMI info below for example) and build long term wealth in the future with real estate. Let me know if there is something you’d like to learn about. Take a look at all the info below but please read this whole email (or just skip to the bottom, ha) because I’m giving away FREE PHILLIES TICKETS to anyone that wants to go!

What is PMI?

Private Mortgage Insurance (PMI) is required by your lender if you buy a property and finance more than 80% of the purchase price (less than a 20% down payment.) PMI is insuring your Mortgage Lender (NOT YOU) against default on your part. Most times you pay for your PMI as part of your monthly mortgage payment. FHA and VA loans have a different type of mortgage insurance, so it is important to speak with your lender about the differences.

How can I get rid of my PMI?

If you have a mortgage that includes Private Mortgage Insurance and have purchased within the last 5 years, you may have enough equity to have your Private Mortgage Insurance removed/canceled from your mortgage, which means you could potentially save hundreds of dollars monthly.

It is never guaranteed that a Mortgage Lender will allow the cancellation of PMI, but you should contact your mortgage company to ask what the process is for PMI cancellation and it does not always require the mortgage to be refinanced.

Most people’s properties have risen in value over the last few years! This is amazing news for you if you don’t want to change your rate but want to get rid of that looming PMI. I encourage you to reach out to me to do Comparable Market Analysis (comps) on your home. This is not a guaranteed number, but it will give you a pretty good idea what your house may be worth. I am happy to do this for you at absolutely no cost to you! Please contact me and I can tell you more about how you can save money on your loan for little or no cost!

PHILLIES TICKETS GIVEAWAY

The Phillies season is in full swing and I’m giving away free tickets! What are your thoughts on the new City Connect Uniforms? I love the hats and enjoyed seeing them on the field but heard many people dislike them. I would love to hear your thoughts…maybe at a Phillies game?

I am giving away free Phillies tickets to a large handful of my current and past clients. The game is on Tuesday, May 21st and all you have to do is fill out your name, text or call me and I’ll give you tickets - 2 per person. We are also doing a full tailgate with plenty of food and drink before the game! There are no requirements except that you have to be 21+, but you can bring a child with you. I look forward to seeing you there! Please RSVP by May 10th so I can purchase tickets accordingly.

PERSONAL UPDATES

This month, my family and I have been getting out more and enjoying the warmer weather (when it’s not raining!) The first of 3 birthdays this spring is my first “child’s” birthday, Hazel. We always take her to Doggie Style Pets on Passyunk Ave to get her treats and spoil her.

A week later, my sister, her husband and my nephew came in and we all went to the Philadelphia Zoo. The kids had the best time running around there. It's so big, we only got to see about ½ of it.

Just a couple weeks ago, we celebrated my son's 6th birthday. He wanted to go bowling this year so we headed to South Bowl with a bunch of his friends and family. We chose there because the food is awesome, so much to do besides bowling and plenty of free parking. I hope to see you all at the Phillies game on May 21st!