TYPES OF APPRAISALS

Removal of P.M.I.

PMI (Private Mortgage Insurance) is a type of insurance provided by a private mortgage insurance company to protect a lender in the event of default on a loan.  PMI is usually required when a borrower has less than 20% equity on a home.  This PMI insurance payment is paid by the borrower and is added onto the monthly PITI (total payment of Principle, Interest, Taxes and property insurance). It can typically range from $.035 to $.080 per $100 (based on your loan amount). The lender then transfers this premium payment to the morgage insurance company.   

Lenders are required to allow borrowers to remove PMI insurance once the loan to value ratio is below 80%.  Usually the lender (mortgage holder) will require a certified appraiser to appraise the property to determine its current market value. 

To remove PMI from your property, contact your current mortgage holder directly to determine their policy on removing mortgage insurance from an existing loan.

After your lender informs you of the estimated value needed on your property to eliminate PMI, all you have to do is contact our office and order an appraisal.  In most cases, the appraisal fee is all you pay which depends on the type, location and size of your property you own and not the value of your home.

If the appraised value is at or below the lender's estimated value needed to remove PMI, send the report to your lender and cofirm PMI removal.