Why get an appraisal?

 Are you a homeowner looking to eliminate Private Mortgage Insurance (PMI) from your monthly payments? PMI is an extra insurance that lenders generally require from homeowners who put down less than 20% on a conventional mortgage. While it protects the lender, it can add a significant amount to your monthly expenses. One of the keys to removing PMI is showing you have more than 20% equity in your home. There is typically an automatic clause that PMI will drop off based on your amortization schedule as you pay your mortgage over time. However, rising home values of the past several years may have caused you to build up enough equity to meet the PMI removal criteria SOONER, but this requires action on your part.

Here is a simple guide to see if you may be eligible for PMI removal sooner rather than later and how we may be able to help:

1. Review your most recent mortgage statement to obtain your current loan balance.
2. Contact your lender to learn about their specific PMI removal requirements. If the lender requires an appraisal, move to  step 3.
3. Secure a professional appraisal to determine your home's current market value.
4. Provide the appraisal and any other necessary documentation to your lender to support your PMI removal request.
5. Start enjoying the savings once your lender approves the PMI removal, reducing your monthly mortgage payments.

A private appraisal provides the opinion of market value needed for the equity calculation to potentially eliminate PMI and lower your monthly expenses.

With a detailed and reliable appraisal, you'll have the essential documentation to present to your lender, establishing your home’s market value and helping you make informed financial decisions. Don’t let PMI drain your finances any longer—schedule your private appraisal today and take the first step towards a more affordable homeownership experience. If you qualify to remove PMI, the monthly savings far outweighs the cost of an appraisal. Unlock the equity in your home, stop making the mortgage lender rich, and keep more of your hard-earned money every month.