HOLIDAY NOTICE: All Franklin Savings Bank offices will be closed on Monday, October 14th in observance of Columbus Day.

NOTICE: Due to inclement weather, all Franklin Savings Bank locations will be closed on Thursday, April 4th. Feel free to check back here, or on our Facebook and Instagram pages, for udpates. Our Online and Mobile Banking services are available 24/7 so you can bank anytime.

NOTICE: Beginning April 8th, our Central Street entrance at our Main Office in Franklin will be temporarily inaccessible. Our parking lot entrance and lobby will remain open. We invite you to use the ATM machine at our 933 Central Street, Franklin location. Or you may access cash from over 55,000 fee-free ATMs using the Allpoint Network. The Allpoint app is available for download in the Apple or Google Play Stores. https://www.fsbnh.bank/personal-banking/allpoint-atms/ 

Do you still need your Private Mortgage Insurance (PMI)?

Homeownership comes with many rewards, but private mortgage insurance (PMI) can add extra bulk to your mortgage payment. This insurance protects the lender if you default on your mortgage, but it’s a cost you can eliminate once you reach 20% equity in your home.

The good news? With rising home values across the country, many homeowners may unknowingly be sitting on more equity than they realize. This presents a perfect opportunity to consider refinancing your mortgage and eliminate PMI for good.

How Does PMI Work?

PMI is typically required for conventional loans with a down payment of less than 20%. It’s an added cost to your monthly mortgage payment. The exact amount varies depending on your loan amount, loan-to-value ratio (LTV), and credit score, but it can add hundreds of dollars to your monthly bill.

Reaching the 20% Equity Threshold

There are two main ways to reach the 20% equity threshold and eliminate PMI:

  • Natural Appreciation: Over time, as home prices rise, the value of your home increases. This builds equity without you having to put down any extra money.
  • Principal Payments: Every time you make a mortgage payment, a portion goes towards the principal balance of your loan. As you pay down the loan, your equity ownership increases.

Request to Have Your Loan Reviewed

If you think rising home values might have put you over the 20% equity mark, you can contact your lender and ask for your loan to be reviewed to see if you qualify to have PMI removed.

To reach the Loan Servicing department at Franklin Savings Bank, call (603) 934-4445, email mybanker@fsbnh.bank or visit our website www.fsbnh.bank.

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