A Team Loans

Read if you are shopping for a home or might need to refinance in the near future:

I have a client, who is also a realtor, he's skeptical about my rates I just quoted him because I am .50% lower than the Other lender. 💪

People, if you haven't shopped me I'm guessing you could Likely be working with a predatory Lender and closing (or closed) at a higher rate. Shop me if you despise predatory lenders as much as I do. I have Zero overhead, low fees, and a Italian spice that gets deals closed and closed quickly.

A Team Loans Moto: Eliminate as many predatory lenders in the market as possible. I don't need to eliminate them permanently, I just want to eliminate them from working with my Friends or Family! 😊

Happy Friday/Snow Day in Colorado!

NMLS #2581832/1976285

Removing PMI!!!

Just in case you hadn't heard, we have seen double digit appreciation for about 3 years. Borrowers who put less than 20% down recently are probably asking themselves how they can remove PMI from their mortgage payments. There are four ways to remove PMI on a conventional mortgage.

1) . The borrower can refinance to remove the PMI. Ah! Yeah, That's not going to happen. Right!

2) They can wait until their mortgage gets to 80% of the original value of the home through normal payments. In this case the lender must remove the PMI when the principle balance reaches 78% of the original purchase price.

3) They can make large principle payments. When this option is selected the borrower must do the following.
Make the request in writing.
Have a satisfactory payment history. Generally 24 mos. without late payments.
Meet other lender requirements such as no junior liens.
The borrower may be required to obtain an appraisal to make sure the home has not declined in value.

4). Take advantage of the market appreciation. In a hot real estate market, your home equity could reach 20 percent ahead of the loan payment schedule. In this case, it might be worth paying for a new appraisal. If they've owned the home for at least five years, and the loan balance is no more than 80 percent of the new valuation, the borrower can ask for PMI to be cancelled. If they've owned the home for at least two years, their remaining mortgage balance must be no greater than 75 percent.