How to Avoid or Remove PMI : Private Mortgage
Insurance
-
Over 50% of all mortgage
loans for residential real estate have
Private
Mortgage Insurance (PMI)
- They don't even know in many cases they
can cancel Mortgage Insurance.
-
A 1998 federal law requires
lenders to
allow you to
remove your PMI Insurance
once you have 20% equity in your home.
-
To avoid Private Mortgage
Insurance you may need a PMI Removal
Appraisal by a state certified appraiser.
Any improvements you have made since
purchasing your home will be reflected in
the report.
Common Questions
What is the
cost of a PMI Removal Appraisal?
Fees for appraisals fluctuate in different
areas. A typical residential appraisal will cost
$275 -$400.
How much can I save
after a Private Mortgage Insurance Cancellation?
Contact your lender for the specific amount.
PMI Insurance rates typically vary
between $30 - $120 per month! The table below
has several examples. You can save hundreds of
dollars a year!!!
|
Monthly
PMI Insurance Cost Examples |
|
Original Loan Amount |
5% Down |
10% Down |
15% Down |
|
$100,000 |
$60.00/month |
$40.00/month |
$30.00/month |
|
$150,000 |
$90.00/month |
$60.00/month |
$45.00/month |
|
$200,000 |
$120.00/month |
$80.00/month |
$60.00/month |
*Note: These are monthly costs!
1. Contact your lender. Verify that you are
paying PMI Insurance. Confirm that you qualify
for a PMI removal appraisal. Get their
specific requirements for exactly what you need
and where to send the information. Most will
require an appraisal by a state certified or
licensed real estate appraiser.
2. If you reside in our
coverage are, Contact Florida Certified Appraisers, Inc.
today for a quality independent appraisal report
and start saving!!!
3. Send the report to your lender and enjoy
your lower house payment with no PMI Insurance!
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