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OverviewWhat is PMI?How Much is PMI?How to Get Rid of PMIHow is it Paid?Why Choose CapCenter?Ready to Ditch PMI?
Private Mortgage Insurance (PMI) is a common reality for homeowners who purchased a home with less than 20% down. While PMI is an added expense, it doesn’t have to be a permanent one. With CapCenter’s Zero Closing Cost Refinance, you can eliminate PMI, lower your monthly payments, and save thousands in the process.

Here’s everything you need to know to take control of PMI and start saving

What Is PMI?

PMI is an insurance policy that protects the lender—not you—in case you stop making payments on your mortgage. It’s typically required when your down payment is less than 20% of the home’s purchase price. Most homeowners pay for PMI as part of their monthly mortgage payment, bundled with their property taxes and homeowner’s insurance in an escrow account.

How Much Does PMI Cost?

PMI costs are based on factors such as your equity in the home, down payment, and credit score. On average, PMI ranges from 0.46% to 1.5% of the loan amount annually. For example, on a $300,000 mortgage, you might pay between $115 and $375 per month.

Even if you can’t fully eliminate PMI yet, refinancing your mortgage can help lower your PMI costs by increasing your equity position, which reduces the lender’s risk and lowers your premiums.

How Can You Get Rid of PMI?

A fast way to remove PMI is by refinancing your mortgage. With CapCenter’s Zero Closing Cost Refinance, you can:
  • Eliminate PMI: Once you reach 20% equity in your home, refinancing lets you drop PMI, putting more money back in your pocket.
  • Lower Your Interest Rate: Take advantage of better rates to reduce your overall monthly payment.
  • Save on Closing Costs: Unlike traditional refinances, CapCenter covers your closing costs, maximizing your savings and giving you access to great rates.
Many homeowners assume they have to wait years to build enough equity to remove PMI, but rising home values could mean you already qualify. A quick refinance with CapCenter could be your best path to immediate savings.

How is PMI Paid?

While PMI can sometimes be paid upfront or as a hybrid of upfront and monthly premiums, the vast majority of homeowners pay it as part of their monthly mortgage payment, bundled with taxes and insurance in their escrow account. This setup simplifies budgeting but makes it even more important to eliminate PMI as soon as possible to lower your monthly expenses.

Why Choose CapCenter?

At CapCenter, we make refinancing simple and affordable. Here’s why homeowners choose us:
  • Zero Closing Costs: It costs nothing to refinance with us, so you can save more and focus on reducing your mortgage payments while benefiting from competitive
  • Expert Team & Hassle-Free Process: Our knowledgeable advisors guide you every step of the way, ensuring a smooth experience and fast closings.
  • Exceptional Customer Service: We prioritize your satisfaction, ensuring your needs are met with care and attention.
With over 27 years of experience helping homeowners save, we’re here to make sure you get the most out of your mortgage.

Ready to Ditch PMI?

PMI doesn’t have to stick around. With CapCenter’s Zero Closing Cost Refinance, you can eliminate PMI, lower your payments, and keep more money in your pocket—without paying a dime in closing costs.

‍Get started today by contacting CapCenter or visiting our website to explore your refinancing options. Let us help you take the next step toward financial freedom.