For loans made after July 1999, lenders are required by federal law to automatically cancel Private Mortgage Insurance (PMI) when the loan balance falls below 78 percent of your purchase price — not when you achieve 22 percent equity, which will happen much more quickly with rising property values. (Certain "higher risk" loans are excluded.) But you have the right to cancel PMI (for loans made after July 1999) once your equity reaches 20 percent, regardless of the original purchase price.
Keep track of your principal payments.Also keep track of what other homes are selling for in your neighborhood.If your loan is under five years old, chances are you have not paid down much principal — it has been mostly interest.But property values in many parts of the country have fallen lately. In some parts of the nation, it has fallen as much as 60%.This is another reason, you will want to ask me for a free analysis and the information about debt reduction or debt elimination. You can eliminate the PMI on your FHA loan if you can reduce your debt.
When you think you have reached 20 percent equity in your home, you can begin the process of freeing yourself from PMI payments!You will need to notify your mortgage lender that you want to cancel PMI payments and you will need to submit proof that you have at least 20 percent equity.A state certified appraisal on the appropriate form (URAR- 1004 uniform residential appraisal report for single family homes) is the best proof there is — and most lenders require one before they will cancel PMI.
"You Can Leave Me A Loan"®
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We pray for the safety of those who serve in our military and stand in harm’s way We pray for their families for strength and blessing and courage as they sacrifice so much. We pray for peace and safety for the most blessed nation on earth.
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"KLCSLOANTEAM and Korene Clopine-Seaman are a mortgage team that invests itself with their client's and referral partners business. They are just not providing mortgage information, education and services, they have built relationships in our business and invested in providing services that helps us deliver our core mission to provide the services that meets our client's needs in line with our company culture and values"
W. J. Bradley Mortgage Capital LLC. is a direct mortgage lender with lending authorization for Conventional, HUD, FHA, VA, USDA, and Jumbo real estate loans lending with offices in various locations focusing on providing to the people in the communities we serve throughout the United States mostly in the Southwest. We are available to help borrowers achieve the dream of home ownership and assist them as they take advantage of today’s real estate investment opportunities and mortgage rates.
The KLCSLoanTeam and the support staff are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, we are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to serve our customers, clients, and referral partners. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.
W J Bradley Mortgage Capital LLC NMLS# 3233 9237 East Via De Ventura, Suite 100 Scottsdale, AZ 85258 Direct Office Phone:(623) 340-0934 Fax: (623) 218-1807 AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; FHA Approved
*Korene L. Clopine-Seaman is working with and as the Team Manager of KLCSLoanTeam. She is licensed to originate mortgages in Arizona and California: AZ LO-0916745 CA: DOC-218520
