October 2024 – Still Paying PMI?

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Maybe you don’t need to! Private mortgage insurance, or PMI, is a policy that protects the lender against any losses if the borrower stops making payments or fails to repay their conventional loan. Borrowers who purchase a home with less than a 20% down payment are typically required to pay for mortgage insurance.

How does PMI work?
PMI is insurance for the mortgage lender, not the borrower. If you’re required to pay PMI, you’ll typically pay a monthly premium of $30 to $70 a month for every $100,000 borrowed. This cost automatically gets added to each mortgage payment.

When does PMI go away?
PMI can be removed when you reach 20% equity in your home. Some lenders may not automatically remove PMI until you’ve reached 22% equity, but you can typically request a cancellation once you’ve reached 20%.

How do I remove PMI from my mortgage?
You can increase your financial interest in the home one of two ways: Pay down your loan balance or increase the value of the property through market increases or home improvements.
 

• Answer your questions
• Determine your equity
• Request a cancellation, and
• Save You MONEY!!!

Here’s What I Think Is Worth Reading:

• No matter your politics, it’s important to GO VOTE! As a helpful guide, you can find your voting locations here. And, if you need an additional incentive to get out there, here are a few places offering free drinks and food with an “I Voted” sticker. Check out the list!
• Have you heard? The old ACME Oyster location on Westheimer in Montrose is set to become a jazz club. Known as the Tower Theatre, this iconic building has been around for 88 years, and even hosted Ella Fitzgerald back in the day. So glad it’s getting another chance at a new life!
• We’re trying to get walkable, dang it! Seven blocks downtown are going to be made a permanent pedestrian walkway. Just in time for the 2026 World Cup, Main Street is getting a makeover.
• Houston, we made the list! Apparently Bunker Hill is the 8th richest small town in all 50 states. And for my architecture nerds, it is also the location of Houston’s only Frank Llyod Wright home.
• The roundabouts in Houston are getting people fired up. Heaven forbid we slow down. Surveillance cameras have caught cars flying into the intersection and going airborne! Another roundabout is under construction at Navigation and Jensen, and I fear some people’s heads might explode.

And last but not least…
 

FIG Real Estate – FIG sponsored a tent and soft play gym for the annual Shady Acres Dads’ Group “Spooktacular.” Broker Michael and Agent Sarah were there to hand out candy and answer real estate questions. The Dads Group is a wonderful organization so if you’re a family in Shady Acres, be sure to look them up for their next event!

Russ Morgan – Former client Russ is a Heights resident and an owner of Kirby Ice House. He’s excited to announce that the 4th location of Kirby Ice House will open in the Fall of 2025! This new location, close to the Heights, will occupy 3.5 acres on 610N and will include a 146 ft long bar, setting a new record for the longest bar in Texas.

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