Removing Mortgage Insurance

While the fourth quarter of 2022 saw prices begin to stabilize after record increases over the previous few years, purchasers who bought recently with less than 20% down may already be eligible to have mortgage insurance removed from their loan! Mortgage insurance is required for any loan product with less than 20% down, and it – very roughly – costs about $100 monthly, although that cost varies depending on the specific loan product. Once a homeowner has accumulated between 20% and 25% equity on their property, they can apply to have their mortgage insurance removed. Given the local market’s price increases, that equity may have already accumulated before you know it! That valuation will ultimately be determined by your loan servicer’s appraiser, but if you have any questions about your property value – or how to reach out to your loan servicer – don’t hesitate to reach out!