You Could Be Saving Up to $300 on Your Mortgage Payment Right Now - Riverside, CA Real Estate

 New Home Values Help Homeowners Shed the Extra PMI Payment

 

 Homeowners who bought when the economy began to sink may now have enough equity to cancel private mortgage insurance thanks to home values increasing in 2013.   Home price gains of 20 to 30 percent in Riverside and San Bernardino areas has helped lift housing prices in some places to the 78 percent loan-to-value threshold to cancel PMI or refinance. 

Home prices increased so rapidly across Riverside County and the Inland Empire in Southern California in 2013 that consumers who are currently paying private mortgage insurance on their home loans may have enough equity to shed the extra PMI payment.

The fee is included onto the monthly mortgage payment for those who bought their homes with less than 20% down payment.  This is a great opportunity to get rid of that fee and pad the pockets of Riverside and California homeowners who may have been hassling to stay afloat in an underwater economy.  The private mortgage insurance savings can add up to hundreds, and possibly thousands, of dollars a year.  It can represent between $100-$300 a month which can be used towards a new car, make home improvements, save money for the kids college or simply put aside towards retirement. 

As an example, if you bought your home in Riverside or the Inland Empire in January 2009 for $242,000 with less than 20 percent down, your current loan balance would be around $219,000 and could have appreciated to $282,76, which means a Loan-to-Value below 77.4 percent.

If you want to know if your Loan-to-Value is nearing 78 percent, you can get a free home valuation of your home by going to www.ValueMyHome4Free.com. 

Be PROACTIVE, you could be saving hundreds of money starting now!

This information is brought to you by your Riverside CA Realtor: Catalina Castaneda. Specializing in homes and real estate in Riverside CA and the entire Inland Empire.