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Updated Jan 23, 2013 - 11:33 am

Lower your monthly mortgage by dropping mortgage insurance

We all keep hearing the words "rates are low."

Yes, they are low and values have and are still going up as you read this. These rates won't last forever and it may be time for you to refinance to have your monthly mortgage insurance removed from your monthly mortgage payment.

Typically, most loans require that you keep the monthly mortgage insurance for a minimum of five to six years depending on your current loan program. Refinancing your mortgage now may allow you to remove the mortgage insurance from your payment completely.

In addition, you may lower your interest rate at the same time.

Even if you only lower your current interest rate slightly, it may still be advantageous to refinance just to remove the monthly mortgage insurance from your payment.

The key here is your home value. Some areas of Arizona have seen over a 20 percent value increase over the last year. You may be surprised what your current home value is, considering all the bad housing news we have gotten used to hearing over the last couple of years.

How do I find out what my home is worth, you ask? Your loan officer can help you research your value with the assistance of a realtor by researching what the homes have been selling in your neighborhood and determining and average price per square foot.

Using Zillow.com and other value sites is not the most accurate source, so turn to the experts for assistance.


Lisa The Lender with Amerifirst Financial joins Diane Brennan and Linda Williams for That Real Estate Show every Saturday at 3 p.m. on News/Talk 92.3 KTAR.

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