PMI Removal

PMI, which stands for private mortgage insurance”, allows individuals to purchase their home with less than a 20% down payment. If you are paying PMI then you are paying an additional payment on your mortgage. - something nobody wants to do! For you to be able to NOT pay that additional mortgage payment you need to figure out if the value of your property is now high enough so that you have greater than 20% equity into the property.

If you purchased your home with conventional financing and put less than 20% down, you’re probably paying PMI. Private mortgage insurance protects the lender or investor against loss if a borrower stops making payments. Often, homeowners mistakenly pay this insurance years after it’s no longer needed and as a result end up paying thousands in needless insurance premiums. Many homeowners don’t realize that once you’ve reached 20% equity in your home by appreciation, improvements made to the home, or by paying down the principal balance of the mortgage (or any combination of the three), you can force the lender to cancel the private mortgage insurance! You just have request that the private mortgage insurance be canceled and provide the lender with proof of sufficient equity over 20%.

Thats where ordering a PMI removal appraisal from Landmark Appraisal & Realty Group is necessary.

In most cases, the necessary proof is a state certified appraisal. Recent legislation (Homeowners Protection Act) requires servicing lenders to make homeowners aware of the existence of any PMI they might be paying for and the requirements necessary to have it canceled. Fortunately, you don’t have to wait for the lender’s notification to rid yourself of PMI. In most cases, if you have equity of 20% or more you’ll be able to cancel it almost immediately.

Although mortgage insurance may have allowed you to purchase a home, there will come a time when you don't have to keep paying for it! It is always in your best interest to pay attention to real estate values in your neighborhood so that you can finally get your bank or mortgage company to cancel it. They are not going to cancel it for you - you will probably have to ask them to. 

Most lenders require a real estate appraisal by a state certified appraiser as the primary proof required to finally eliminate your PMI insurance. All of our appraisers are state certified and are more than capable of helping you. At Landmark Appraisal & Realty Group, Inc, we specialize in helping people just like you eliminate the unnecessary and/or unwanted PMI insurance when feasible.

Fill out our Contact page or give us a call today at 561-853-2129 with any questions you might have. We perform PMI removal residential real estate appraisals in Palm Beach County, Broward County, Martin County, and St. Lucie County.