PMI Removal Appraisal Services

A typical loan for a property is 80% of the total home value or less. Private Mortgage Insurance (PMI) is a fee attributed to the extra risk that a lender takes on for lending out more than 80% of the home’s value. This fee is added to your monthly housing costs. It can be a significant fee sometimes amounting to $40-$50 per $100,000 loaned!

When your home equity goes up and your loan amount drops below 80%, your lender is required to drop your PMI payments (per the Homeowners Protection Act also known as the “PMI Cancellation Act”).

With ever changing market values, it is important to consult with an appraiser who understands the fluctuations in your market and can accurately determine the value of the property for PMI removal.