All Forum Posts by: Eliu Rosario

@Eliu Rosario you can refinance but look carefully numbers with this rates is usually much better keep the PMI up to the rates come down enoughh to make sense

 Conventional

I just submitted for mine to be removed but gave them a call first as the form mentioned BPO's costing up to $190 and Appraisals costing up to $450. After speaking with the lender, sometimes they don't even require a BPO or Appraisal depending on the situation. We'll see what happens. I'll be saving $50/month. 

@Eliu Rosario with an FHA loan PMI is for the life of the loan. The only way to get rid of it is once you have paid down enough of the loan where your loan balance is 80% of the Purchase price.

I just got PMI removed on one of my properties and it was incredibly easy! It will save me thousands of dollars over the next 10 years.

If you are a homeowner with a mortgage that carries Private Mortgage Insurance (PMI), you can get it removed once your home has appreciated enough that your loan balance is below 80% LTV. Fortunately, the process of getting PMI removed is not complicated and can save you a significant amount of money over the life of your loan.

The first step to getting PMI removed is to contact your loan servicing company (the one you are making payments to). Let them know that you believe your home's value has increased enough that your loan balance is below 80% LTV. Your loan servicer should be able to provide you with the specific steps you need to take to get PMI removed, as well as any documentation or forms you need to submit.

One of the most important pieces of documentation you will need is an appraisal that confirms your home's current value. Your lender may have specific requirements for the appraisal, such as requiring that it be performed by a licensed appraiser, or that it be completed within a certain timeframe. Once you have the appraisal in hand, you can submit it to your lender along with any other required documentation. Often your bank will take care of this for you.

In addition to submitting an appraisal, you may also need to pay certain fees to get PMI removed. For example, your lender may require that you pay a processing fee or an early termination fee. Be sure to read the terms of your mortgage agreement carefully to understand what fees you may be required to pay.

It's important to note that not all lenders will remove PMI automatically once your loan balance drops below 80% LTV. Some lenders may require that you specifically request PMI removal, while others may require that you wait until a certain period of time has passed before PMI can be removed.

If you are a homeowner with a mortgage that carries PMI, it's important to understand your options for getting it removed once your loan balance drops below 80% LTV. Contact your lender directly to understand their specific requirements for PMI removal, and be prepared to pay for an appraisal or a broker's opinion of value (cheaper) to prove your home's current value. While there may be some fees associated with PMI removal, the potential cost savings over the life of your loan make it well worth the effort.

This forum has done so much for me and I felt a bit guilty this afternoon for not giving back. 

Scaled to 48 Mid-Term Rentals in 2 years OH, hired a property manager and maintenance person. Quitting my job next week and moving to North Carolina to grow a portfolio there.

So Ask me anything, Mid-Term Rentals edition.

@Eliu Rosario

I haven't come across someone self employed but I had a similar situation with a graduate student who is staying at one of my units and planned to pay using refund check funds. I asked to see proof of funds to cover the rent 10x and I increased my security deposit plus required one month's rent to be paid at the time of booking instead of 3 days before move in. 

I would ask for two years of returns, the company's income statement and/or balance sheet and/or require additional deposit(s) for your protection. Maybe even a combination of the three. You could also ask for first and last month's rent up front along with your security deposits. 

I only list mine on Furnished Finder and so far that has kept me full. For systems I use Keycheck for background check and Avail for leases and rent collection. Easy peasy. No need to over complicate it. I do the turnovers myself so I don't need an app to sync with a cleaning crew.