Greg Becker Realty

lower my mortgage payment

Yes it’s true. One of the services I have helped people with is lowering their mortgage payments. No you didn’t have to be in financial woes to use this service of mine. Okay here’s how it works. If you pay private mortgage insurance( PMI ) you’ll want to read on.
Okay so you’re probably wondering what is PMI . PMI is insurance you are paying for monthly to protect the lender in case you can’t make the payments on your loan.
When you got the loan to get your house if you did not put down 20% of the homes purchase price you are most likely paying PMI. Some people put down 3% 5% 10% because they didn’t have 20% of the homes value cash to put down on the home. If this is your case your lender, banking institution or whoever is probably making you pay private mortgage insurance. Some people got creative and obtained multiple loans to avoid this added insurance, or they just had 20% cash to put down, but that’s them not you.
To cancel PMI you typically have to call the lender or the lender servicing company and manually requested PMI be dropped . — oh yeah that’s something you have to do (call and cancel it) they don’t just drop PMI willy-nilly like, you have to pick up the phone and do your due diligence.
Lenders “usually” have to drop PMI once the equity in your home hit’s 20% or 22% but determining those percentages is not always Black and White. Typically the lender requires you to prove the equity in your home by requesting that you have an appraisal done that shows that the house is worth 20% more than what you owe.
Okay this leads me to say what is an appraisal. And appraisals and opinion of value. An appraisal can cost you anywhere from $250-$350. I am a real estate agent, a licensed broker that can also give you an accurate opinion of value. I have tools at my discretion, many of the same tools that appraisers use. I can track and disclose similar houses that sold within a 2 to 5 mile radius of your home which can give me a clear indication of your properties value. In other words I know how much houses like yours sold for near you. This info is in the local multiple listing service. The same place where I can list your house for sale or find a house you might want to buy.
However before I can do anything for you, you have to do your part. Contact your lender or its servicing agent(the company you send your monthly mortgage payment to) and find out what they require. Some lenders require an appraisal. Others will accept real estate agents opinion of value with a comparative market analysis report. Anyway you slice it get the appraisal or get an opinion of value from me. You will get your investment back into to three months for sure. Remember cancellation requests to the PMI company must come from the loan servicer.
Some lenders will even drop PMI if you’ve had your house for two years and it has increased in value or you have accumulated equity based on rising property values. A great way to find this information is to visit websites like http://www.zillow.com/ — just enter your address and look at the value of your home and all of your neighbors homes. Another trick or tool is to call your local county tax assessors office. Every so many years your property taxes go up typically that means the value of your house has increased, especially in the city’s eyes.
You understand that appraisers make $250-$350 per appraisal. What does the real estate agent or firm make? What’s in it for you Greg? I hope to get a listing, or a referral to somebody you know who wants to sell their house. I have learned lots of things in my 18 years in real estate and if I can share some of my knowledge with you and help you save money maybe you’ll remember me when it’s time to buy or sell your next home.