Save Money With an Accurate PMI Removal Appraisal
Have you been paying off your home loan on time for many years now? Do you want to rid yourself of the pesky Private Mortgage Insurance (PMI) payments? We can assist you. The experienced professionals at Aladdin Appraisal help you navigate your way through the process by providing a meticulous, correct PMI removal appraisal.
Let’s Understand PMI & The Law
If you purchased your home with conventional financing and put less than 20% down, it is likely you are paying PMI with every loan repayment. PMI protects the lender or investor against loss if a borrower stops making payments.
The federal Homeowners’ Protection Act, which applies to people who bought their homes after July 29, 1999, establishes rules about canceling PMI. Homeowners who are unaware of the law keep on paying this insurance even after meeting the criteria for PMI removal. Save thousands in useless insurance premiums when you call in the expert team at Aladdin Appraisal.
When Can PMI be Removed?
Your PMI can be canceled if you have reached 20% of your home’s equity in any of the following scenarios:
- Rising home values,
- Improvements to the home,
- Paid off the appropriate mortgage balance.
If, for instance, your home value has increased from when you took out your mortgage, you might discover that your equity has breached this criteria of 20%. Your lender will not just take your word for this though. This is where we step in. Aladdin Appraisal presents you with a fair assessment of your home’s value to determine if removal of your PMI is warranted. We serve the local communities in and around Boston with on-point PMI removal appraisals you can rely on.
Contact Us Today
Your lender will not call you if you qualify for PMI removal due to market appreciation of your home value. Let Aladdin Appraisal help you reduce your loan repayments by removing the extra monthly PMI payment. Our appraisers provide lender-approved appraisals specifically for PMI removal. To speak to an expert on PMI removal appraisal, contact us at (617) 517-3711 .