Home Equity and Mortgage Insurance: You May Have More Equity in your Albuquerque Home Now!
(Transcript Snippet): “Tracy:
So changing subjects, but similar let’s talk about home equity and people having mortgage insurance. Okay. So we know that a lot of people, when they buy their house use alone, that maybe they don’t have 20% and they’re paying mortgage insurance every month when they make their mortgage payment with over 30% price increases basically equity in homes over the last two years. If you are one of those people who are paying mortgage insurance as a part of your monthly house payment, yep. You might wanna consider that you, you may have 20% equity in your house. Now. some loan programs allow you just to call your current lender and say, Hey, I wanna get my mortgage insurance removed, get that $130 a month off your bill or whatever. If you haven’t thought of that some of ’em require you to refinance to remove that mortgage insurance. So it sort of depends on what your current interest rate is as to whether or not it makes sense to refinance, to move, remove your mortgage insurance. But because of the price appreciation and value of homes, many people are probably paying mortgage insurance that don’t need to be anymore because they have that 20% equity. Yeah. Yeah. So I, I suggest calling your current lender, if you, if you have, it’s
A really good point. And I think people that, that are homeowners, I think you probably ha I would, I would take a bet that most people have more equity than they think they do, just because how rapidly home prices have gone up over the last few years.