Remove PMI, Build an ADU (Accessory Dwelling Unit), Impound (Escrows) – why did your payment go up?
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Wednesday, December 15th, 2021
This episode was full of information on multiple topics.
In the first segment, Debbie and Heidi start by discussing FHAs in relation to Mortgage Insurance (MI) and how to get rid of that MI. Debbie says the best way to get out of the MI is to refinance, and that it should be done immediately due to interest rates currently being low and property values being high. They go on to discuss Conventional Loans and what the various options to choose from when wanting to remove Mortgage Insurance.
They jump into the subject of Escrows and what that is. Heidi explains that Escrows are Property Taxes & Homeowner’s Insurance, and that they are constantly changing on an annual basis. They drill down on this subject along with explaining the issues new homeowners will run into when cashing a “property tax refund check” by their current Lender. Debbie says to put that check into an account that cannot be touched, and let it stay in the account for at least 12 months to see if it must be paid back. She also recommends calling the Lender that issued the check in the first place to see what that check is for.
We move to the second part of the segment where Debbie brings in Loan Officer Cindy Russon to discuss Accessory Dwelling Units (ADUs). Cindy talks about “Junior” Accessory Dwelling Units and the benefits of those along with normal ADUs (a separate structure from the home). Debbie expands on the details of an ADU by discussing its required square footage in relation to the structure of the main house. They get into HOAs and the rules and regulations (mainly in California) on how ADUs can now be used efficiently due to the restrictions being lifted. Debbie says that the process for getting ADUs in place would most likely be a Cash-Out Refinance to build the ADU, and then a second refinance (after the ADU is built) with a better interest rate on your home since it will now be worth more due to the ADU. Debbie says that Cash Out Refinance-Loans are better than Renovation Loans because the homeowner is 100% in charge of how that money is spent, especially if the homeowner has sources for building a proper structure for the ADU. Debbie and Cindy both say that the best way to start this process is to connect with them today!
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Debbie Marcoux is licensed by the Department of Financial Institutions under the California Residential Mortgage Lending Act, NMLS ID 237926, also licensed in AZ-0941504, FL-LO76508, GA-69178, ID-167867, IL-031.0058339, NV-57237, OR, TN-184373, TX, WA-MLO-237926