Reduce your monthly payment and stop Paying
1998 federal law requires lenders to remove your PMI once you
have 20% equity in your home.
above link provides great details on PMI removal.
remove your private mortgage insurance you may need an appraisal
by a state certified appraiser. Recent improvements and
market appreciation since purchasing your home will be reflected
in the report.
steps are necessary to remove my mortgage insurance?
you have FHA financing, please go to the HUD
website to determine if your loan is eligible for PMI removal.
conventional financing, take the following steps:
your lender to verify that you are paying mortgage insurance.
Get their specific requirements for removal, then confirm that
you qualify. Most lenders will require an appraisal by a
state certified or licensed appraiser.
an appraiser. Verify that they meet your lenders experience and
the report to your lender and confirm PMI removal.
How much does an appraisal cost?
fees vary depending upon your location and the size of your home. A
typical residential appraisal costs $350 - $400. please call for a
much can I save?
your lender for the specific amount. PMI rates typically vary
between $0.35 - $0.80 per $100 (based
upon your loan amount). You can check on your monthly statement that
shows how much PMI you pay each month.