PMI Removal Appraisals
Is It About Time You Stopped Paying For Private Mortgage Insurance?
The Truth about PMI Removal Appraisals
At the beginning of every month, an average American starts to worry about paying his/her mortgage payment on their property. These payments are made and calculated in various ways; the most popular one being the Private Mortgage Insurance Program. According to this program, an individual looking to buy a home in the country ends up paying less than 20% in down payment; with the promise to give the lender insurance against a default, called PMI.
Even though most of us happily pay the PMI amount every month, we fail to really understand what happens to our money and where it goes. It is important to learn how this process works and how it affects the overall financial stability and the status of a homeowner. The private mortgage insurance amount is a write off for a certain sum of money that is usually deposited in an Escrow Account.
So, what’s the problem with PMI? Think about it, if you write off close to $200 every month in favor of PMI, you have lost a total of $2400- an amount with which you can actually change your life. There is a lot you can do with the money that needlessly goes towards PMI.
How Can You Stop Paying For PMI? Call Us For Your PMI Removal Appraisals Needs
Don’t you wish that the money that goes towards PMI went straight into your pocket? Most mortgage holders make the mistake of continuing to pay PMI even when they are no longer obligated by law to do so. This means that they are paying for needless insurance premiums and filling the lenders’ pockets even when they do not need a premium on the mortgage loan.
How can you stop paying Private Mortgage Insurance? Or better yet, when should you stop paying PMI? The simple answer to these worrying questions is: when your Hampton Roads home reaches an equity value that is greater than 20%. This is where real estate appraisals come in. Only when a homeowner knows how valuable his house is now as compared to years ago, when it was bought, will he be in a position to stop paying PMI.
Here’s How PMI Removal Appraisals Work
Even though the process to enforce a stop to these payments is not all that lengthy, a proof is needed that states that the value of the house in question is now above 20% equity. The best proof in this regard is a State Certified Appraisal. Hiring experienced appraisers at the Atlantic Appraisal Group makes the proof collection process easy because these appraisers research the market to find out an accurate value of your house.
Once this value has been calculated, the appraisal report can be submitted to the lending institutions with an application for the removal of PMI. Even though the removal partly depends on the decision made by the lending company in light of their policies, a sound appraisal is the best way to ensure that you make your way out of the PMI obligation without losing too much money.
The result? Instead of paying premiums, you pocket same money for yourself and your family!
PMI removal appraisals are provided in the cities of Virginia Beach, Chesapeake, Norfolk, Newport News, Hampton, Portsmouth, Suffolk and Yorktown.
Give us a call today with any questions you might have and see what others are saying about Rob Meadows and the ‘Atlantic Appraisal Group.’