PMI, or private mortgage insurance, allows individuals to purchase their home with less than 20% down payment. If you have less than 20% equity in your home, you are paying PMI. Getting the PMI eliminated from your mortgage loan is a preferred way to save money for homeowners. Once your mortgage loan is below 80% of the value of your property, you can apply to the lender to have the PMI eliminated from your loan. South Fulton County Home Appraiser has the experience necessary in helping people just like you dismiss undesirable PMI insurance.
By law, mortgage lenders are required to allow for PMI removal once you reach the required equity. Alternatively, if the appraised value of your home is 20% or more of your balance, then you qualify for having your PMI removed from your monthly mortgage payment. It may be a good idea to contact your lender and see if you are indeed paying PMI. If so, it may be time to evaluate what your home is currently worth compared to what you currently owe.
As an appraiser, it’s our job to know the market dynamics of your area. We know when property values have risen or declined. The savings from dropping the PMI pays for the appraisal in a matter of months. At which time, the home owner can enjoy the savings from that point on.
Here at South Fulton County Property Appraiser, we have the experience you need to help you in getting your PMI removed. As a trusted Georgia home appraiser since 2001, we will provide you with the service, details, and speedy home appraisal reports many of our customers have come to expect. South Fulton County Home Appraiser has years of experience in valuating trends in South Fulton and all of metro Atlanta. We know the guidelines to getting your PMI removed. Call us today for your complimentary consultation.