1 / 3

Are You Still Paying PMI Insurance?

Know more: https://www.aladdinappraisal.com/services/pmi-removal/

aladdinappraisal
Download Presentation

Are You Still Paying PMI Insurance?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Are You Still Paying PMI Insurance? Private mortgage insurance, or PMI, is a type of insurance designed to protect lenders for when a borrower defaults on their mortgage. As a borrower buying a home you are required to carry PMI if you did not have a 20% down payment saved up. PMI is helpful for buyers wanting a way to get into a home without the 20% down, and also serves to protect lenders, it can also be expensive and in your case may no longer be unnecessary. In this post, we discuss how to remove PMI from your mortgage and save money each month! As a borrower, you are responsible for paying the monthly PMI premium and your original lending agreement is set so that the lender automatically cancels PMI once you reach 22% equity in your home/ Whatever the magic payment number is at some point down the line the extra monthly PMI payment is scheduled to stop. But how do you get rid of PMI if you are one of the lucky ones who, due to market appreciation during COVID, have achieved 22% equity early? To do this, you need to prove to the lender that you have 22% equity. You can ask them to revalue your house and cross your fingers, but that turns out to be a huge mistake.

  2. Lenders are not motivated to pay money to lose monthly income and will not pony up the $1000 or so for a full appraisal. They will order the cheapest fastest $100 AVM or an inexpensive “drive-by” appraisal or hybrid appraisal. Neither of which are truly accurate. Hire a local appraiser to complete a full FNME-esque appraisal. We recently completed a single family appraisal for $650 that saved our client $400 per month. He called it his best investment of the year. The appraiser will measure and evaluate your home determine the fair market value. This will tell you if you have at least 22% equity. If so, your lender must remove the PMI from your mortgage! No matter how you choose to remove PMI from your mortgage, it’s important to work with an appraiser you trust. Be sure to ask around and get recommendations from realtors, attorney’s CPAs, or even friends or family before choosing an appraiser. With the right appraiser on your side, you will be able to save money and remove PMI from your mortgage once and for all! Contact Us Phone: (617) 517-3711 Email:info@aladdinappraisal.com Site: https://www.aladdinappraisal.com/

More Related