Remove PMI from Your Mortgage

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Do you want to get rid of PMI payments? Then consider getting an appraisal from us. We can provide you with the help that you need to get PMI removed.

Offering PMI Removal Appraisals Near Chandler, AZ

Mortgage Insurance (PMI) can add a substantial amount to your monthly mortgage payments. Call today to schedule a PMI appraisal from professionals near Chandler, AZ. At Advanced Appraising LTD, we can provide you with reliable assistance.

How Does PMI Work?

Standard down payments for most homes are about 20% of the home’s overall price. Generally speaking, the lender is liable for the difference between the loan balance and the home’s overall value should something happen, so 20% is a solid safety net. However, more recently, it’s been common to see lenders offering loans with down payments of 10%, 5%, or even 0% of the overall price. They can do this because of Private Mortgage Insurance (PMI)—that is, insurance that will protect them should something happen.

Generally, PMI will cost homeowners between $40 and $50 a month for every $100,000 loaned. However, PMI isn’t permanent; because of The Homeowners Protection Act of 1998, lenders are required to eliminate PMI after the loan’s balance lowers below 78% of the original loan amount. At the homeowner’s request, however, it can also be taken off when the balance is equal to 80% of the original amount—or if the home’s equity has risen substantially.

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Getting a PMI appraisal can help you get rid of private mortgage insurance more quickly. Find out more about PMI and the Homeowners Protection guide here. If you need a PMI appraisal near Chandler, AZ, then consider contacting us today.