Unlock Your Home's Value
Remove Mortgage Insurance
If your home's value has gone up, you may be able to drop your mortgage insurance and lower your payment.
Unlock Your Home's Value
What Is This Program?
Mortgage insurance is often required when a home is purchased with a smaller down payment — it protects the lender, not the homeowner, and adds an extra cost to your monthly payment. As your home builds equity, either through payments over time or rising home values, you may reach a point where that insurance is no longer required. This program reviews your current loan to see if refinancing could remove it and lower your monthly payment.
Why Homeowners Use It
- Lower your monthly payment by removing an unnecessary cost
- Take advantage of rising home values in your area
- Potentially improve your loan terms at the same time
Is This Right for You?
This is worth exploring if you’ve owned your home for a while, have made consistent payments, or believe your home’s value has increased since you purchased it. The exact requirements depend on your current loan and your home’s value today — a loan officer can review your specific situation and let you know where you stand.
Frequently Asked Questions
How do I know if I qualify to remove my mortgage insurance?
It depends on your current loan balance and your home’s current value. A loan officer can review your specific situation to see where you stand.
Will removing mortgage insurance change my interest rate?
It can, since this typically involves a refinance. A loan officer can walk you through what that would look like for your loan.
How long do I need to have owned my home first?
This varies depending on your loan type and how your home’s value has changed. A loan officer can confirm your specific timeline.
Is this the same as refinancing for a lower interest rate?
It can happen at the same time, but they’re not always the same thing. A loan officer can explain how both could apply to your situation.
Find Out If You Can Remove Your Mortgage Insurance
Every loan is different, and the only way to know for sure is to look at your specific numbers. Talk to a MegaStar loan officer to find out.
