PMI REMOVAL

If you are paying PMI (Private Mortgage Insurance) on your home loan, the information provided could literally help you save hundreds of dollars a year and thousands over the life of your loan.

PMI is an insurance premium that is added to your monthly mortgage payment that protects the lending institution in the event of a default on the borrower’s behalf. Most new homeowners have to pay this added monthly cost. This is because any borrower who put less than 20% down on their home when they purchased it or any borrower who has less than 20% equity in their home probably is still paying the PMI. The insurance can be removed once you have acquired more than 20% equity in your home. Recent additions to your home and /or improvements that have been done since the time you purchased your home, along with appreciation will help you establish the equity you need to remove Private Mortgage Company.

-Estimated monthly PMI costs-

---NOTE: These Are Monthly Costs---

Contact your lender for the specific amount. PMI rates typically vary between $0.35-$0.80 per $100.00 (based on the loan amount). The table above shows several examples.

PMI is a huge profit maker for mortgage services. So, do no wait for an invitation from your lender to drop your PMI. If you have a good payment history, 20% equity through appreciation and/or improvements, you probably qualify.

In recent years, the property values in the metropolitan area have increased dramatically. The current conditions make this the perfect time for homeowners to eliminate monthly PMI payments.

Most lenders will require that you obtain a current URAR 1004-form appraisal, completed by a state licensed appraiser.

To begin the process, you simply need to contact your lending institution (Mortgage Company) and ask them to mail you the exact requirements for dropping PMI. (The customer service number can usually be found on your mortgage statement or payment coupons.).

Ask the lender to provide in writing the minimum amount the property will have to be valued at to qualify to have PMI removed.

After you have contacted your lender about removing PMI, contact us about performing the appraisal. Before we set an appointment to inspect your home, we will perform a preliminary comparable check to verify that the value of your home is within the range for eliminating PMI. If the potential is there we will proceed with the appraisal.

Advantage Appraisal offers homeowners a FAST, QUALITY appraisal done at a very competitive price.