Secret to Cancel MI Fast: ULTIMATE Guide to Getting Rid of Mortgage Insurance

[@KaiSosceles]

You are such a gem for making all these videos. My new favorite real estate channel!

[@workshopmortgage]

Thanks so much for the kind words and for taking the time to comment, Kai! ❤ I hope the video helps you save a few bucks by getting rid of your mortgage insurance.

[@yumalender]

This is great information 🔥

[@workshopmortgage]

Thanks so much!!!

[@Decipher101]

Very clear and concise explanation. Thank you!❤❤❤

[@workshopmortgage]

I'm so happy you enjoyed the video... thanks for taking the time to comment. 😻

[@magiqman43]

nice videos !

[@workshopmortgage]

Glad you like them, Brandt! 😊 I'm having fun making them!

[@DrTeddyRx]

I have MI on my mortgage but my rate is %3.99. Does it make sense to refinance with the current mortgage rates?

[@workshopmortgage]

Hi there! I don't usually like giving advice without full context, but a 3.99% interest rate is pretty fabulous, so you probably DON'T want to refinance. If you have a conventional loan, I would suggest using the information in this video to cancel your mortgage insurance and hang onto that 3.99% rate. The only exception would be if a refinance saved you or made you money in some other way -- for example, maybe you're paying off other debt at a higher rate. But more than likely you should hang tight with that excellent 3.99% rate!

[@DrTeddyRx]

My FHA Loan is a Ginnie Mae loan...How does that affect my situation?

[@workshopmortgage]

Hi Johnny! Unfortunately, FHA loans either carry MI for the full life of the loan (if you initially put down less than 10%) or for 11 years with no opportunity to cancel MI earlier (if you put down 10% or more). The silver lining is that FHA loans are often at really low rates, so even with the MI in the mix, you probably still have a great overall loan terms. And FHA loans are assumable, which can make your home much more appealing to buyers when you are ready to sell... they can apply to take over your loan instead of getting a new loan of their own.

[@navk963]

What about escrow? Taxes plus insurance

[@workshopmortgage]

Are you interested in having those removed from your monthly payment and paying them separately? If your loan allows the separate payment of taxes and insurance (some loans don't, FHA being a notable example), you should call your loan servicer and ask them if they will allow you "waiving your escrow account for taxes and insurance". For reference, here are the rules that Fannie Mae asks loan servicers to follow (long link!): servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-B-Escrow-Taxes-Assessments-and-Insurance/Chapter-B-1-Escrow-Account-Administration/B-1-01-Administering-an-Esc-Account-and-Paying-Expenses/1040879711/B-1-01-Administering-an-Escrow-Account-and-Paying-Expenses-10-11-2023.htm#Waiving.20Escrow.20Account.20Requirements Hope that helps!