Bain & Associates, Inc.

Real Estate Appraisal & Consultation 

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Stop Paying PMI Insurance!

 read the 1998 PMI bill

  • Over 50% of all mortgage loans have mortgage insurance (PMI).

  • A 1998 federal law requires lenders to allow you to drop your PMI once you have 20% equity in your home.

  • To drop your private mortgage insurance you may need an appraisal by a state certified appraiser. Any  improvements you have made since purchasing your home will be reflected in the report.

 

Bain & Associates, Inc. is a residential appraisal firm. We have prepared over 10,000 appraisal reports in Dallas/Fort Worth and the surrounding suburbs. We may be able to help you reduce your mortgage payment. Call us!

(972) 398-2535

If you are not located near Dallas we can refer you to an appraiser in your area.

 

 

Common Questions

 

What is the cost of an appraisal?

Appraisal fees fluctuate in different areas. A typical residential appraisal will cost $300 - $400. Visit our fees page for our prices.

How much can I save?

Contact your lender for the specific amount. PMI rates typically vary between $0.35 - $0.80 per $100 (based upon your loan amount). The table below has several examples.

Monthly PMI Cost

Original Loan Amount 5% Down 10% Down 15% Down
$100,000 $60.00 $40.00 $30.00
$150,000 $90.00 $60.00 $45.00
$200,000 $120.00 $80.00 $60.00

Note: These are monthly costs!

What do I need to do to drop my mortgage insurance?

1. Contact your lender. Verify that you are paying mortgage insurance. Confirm that you qualify for pmi removal. 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 appraiser.

2. Contact an appraiser. Verify that they meet your lenders experience and certification/licensing requirements.

3. Send the report to your lender and enjoy your lower house payment.

It's that easy!

 

APPRAISAL ORDER FORM

 

 

Bain & Associates, Inc.
8813 Shepard Drive
Plano, Texas 75025
 
Phone (972) 398-2535
                                                           
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