Paying PMI Insurance!
the 1998 PMI bill
of all mortgage loans have mortgage insurance (PMI).
1998 federal law requires lenders to allow you to drop
your PMI once you have 20% equity in your home.
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
& 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!
are not located near Dallas we can refer you to an appraiser in
is the cost of an appraisal?
fees fluctuate in different areas. A typical residential
appraisal will cost $300 - $400. Visit our
much can I save?
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.
These are monthly costs!
do I need to do to drop my mortgage insurance?
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.
Contact an appraiser. Verify that they meet your lenders
experience and certification/licensing requirements.
Send the report to your lender and enjoy your lower house