Removing your Private Mortgage Insurance (PMI) Early
The real estate market is tough for new buyers right now but it is a great time for home owners. The tight inventory market in Alaska means that home prices are way up in some parts of the state values are up 30% from 2019.
You may be able to take advantage of this price appreciation to update the value of your home with your mortgage service to drop your PMI early. This can save you $100s if not $1000s of dollars a year.
Here is what you need to do:
Contact your loan servicer and request a PMI removal letter. You may have to try multiple times. Be persistent.
Order your Broker Price Opinion (BPO) or Appraisal depending on what your servicer requires to update your value.
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