PMI Removal Appraisals: Your Path to Mortgage Savings
Are you still paying Private Mortgage Insurance (PMI) on your home loan? If so, you might be throwing money away each month. At Appraisals of Southwest Florida, we specialize in PMI removal appraisals that can help you keep more of your hard-earned money in your pocket.
A PMI removal appraisal could be the key to saving you thousands of dollars over the life of your mortgage.
Why You Need a PMI Removal Appraisal
Once you’ve built up at least 20% equity in your home—either through paying down your mortgage, making home improvements, or simply benefiting from market appreciation—you can request the cancellation of PMI. However, your lender will require proof that your home’s value has increased sufficiently to meet the 20% equity mark. This is where a PMI removal appraisal comes in.
Accurate Valuation: A PMI removal appraisal provides an accurate assessment of your home’s current market value, ensuring you have the documentation needed to cancel your PMI.
Cost Savings: Eliminating PMI can save you hundreds of dollars each month, adding up to thousands over the remaining life of your mortgage.
Quick Process: Once you have the appraisal, you can submit it to your lender and, if approved, stop paying PMI almost immediately.
How Does a PMI Removal Appraisal Work?
The process of removing PMI typically involves the following steps:
Check Your Equity: Determine if you’ve reached at least 20% equity in your home. This can be through paying down your mortgage, market appreciation, or home improvements.
Contact Your Lender: Request their specific requirements for PMI removal
Request a PMI Removal Appraisal: A professional valuation is typically required. Contact a certified real estate appraiser to conduct an appraisal of your home. This appraisal will provide the necessary proof of your home’s current value.
Submit to Your Lender: Provide the appraisal report to your lender along with a written request to cancel PMI. Your lender will review the appraisal and your payment history before making a decision.
Cancellation: If approved, your lender will cancel your PMI, reducing your monthly mortgage payment.
Why Choose Appraisals of Southwest Florida for Your PMI Removal Appraisal?
At Appraisals of Southwest Florida, we specialize in PMI removal appraisals, helping homeowners save money by eliminating unnecessary insurance premiums.
When you work with Appraisals of Southwest Florida, you can expect:
Expertise: Our team of certified appraisers has extensive experience in conducting accurate and reliable appraisals for PMI removal.
Efficiency: We understand the urgency of removing PMI and work quickly to provide you with the appraisal report you need.
Client-Centered Service: We offer a free initial consultation to help you determine if you’ve reached the equity threshold required to cancel PMI, and we guide you through every step of the process.
Remember:
Lenders won't automatically remove PMI when you reach 20% equity
You are your own best financial advocate
Even small monthly savings can add up significantly over time
