|Real Estate Appraisals & Consulting|
If you are paying PMI (private mortgage insurance) on your home loan,
this information could literally help you save hundreds of dollars per
year and thousands over the life of your loan.|
Contact your lender for the specific amount. PMI rates typically vary between $0.35 - $0.80 per $100 (based on your loan amount). The table below has several examples.
Note: These are monthly costs!
PMI does not protect you: It insures the lender, in case of default. (The borrower would still lose the home to foreclosure.)
PMI is a huge profit maker for mortgage services. So, do not wait for an invitation for your lender to drop your PMI. If you have a good payment history, 20% equity through appreciation and/or improvements, you probably qualify.
To begin the process, you simply need to call your mortgage company and ask them to mail you their requirements for dropping PMI. (The customer service number can usually be found on your mortgage statement or payment coupons.)
Most lenders will require that you obtain a current URAR 1004 UAD Single Family appraisal report, completed by a state-certified appraiser.
Although in recent years property values have declined, depending on when you purchased your home, improvements made and your local market conditions, this may be the perfect time to eliminate monthly PMI payments.
For inquires and additional information, please give us a call at (201) 722-8671 or email us. You can also order an appraisal on line.
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