Will a refinance help get rid of my PMI?
Refinancing a mortgage can potentially help eliminate private mortgage insurance (PMI), but it depends on individual circumstances. PMI is typically required when a homeowner puts down less than 20% on a home purchase. Refinancing to a new loan with a lower loan-to-value ratio may allow for PMI removal. However, it’s crucial to consider refinancing costs and current interest rates to ensure it’s a smart financial decision.
Pilgrims Mortgage can assist in evaluating the situation and exploring options to eliminate PMI, ensuring a financially sound choice. Their expertise and personalized approach can guide homeowners through the refinancing process and help achieve their goals. Additionally, Pilgrims Mortgage can help determine if refinancing is the best option or if other alternatives, such as waiting for automatic PMI cancellation or using other mortgage products, are more suitable.
With Pilgrims Mortgage’s guidance, homeowners can make informed decisions and potentially eliminate PMI, reducing their mortgage payments and improving their financial situation.