We can help you remove your Private Mortgage Insurance
Private Mortgage Insurance (PMI) is typically required for borrowers who make a down payment of less than 20% on their home purchase. PMI protects the lender in case the borrower defaults on the loan. However, once the borrower has paid off enough of the loan, they may be eligible to have the PMI removed from their mortgage payments.
With the employment of The Homeowners Protection Act of 1998, on most loans lenders are required to automatically eliminate the PMI when the principal balance of the loan reaches 78 percent of the primary loan amount. The law pledges that, at the request of the home owner, the PMI must be released when the principal amount reaches only 80 percent. So, savvy home owners can get off the hook sooner than expected.
We can provide an accurate appraisal of your home's current value which can be used to determine if you're eligible for PMI removal. Faced with unbiased information from an appraiser, the mortgage company will usually do away with the PMI with little effort. At that time, the homeowner can enjoy the savings from that point on.
Contact us if you would like to know more about how we can assist you.