Appraisals to Remove Private Mortgage Insurance

Private Mortgage Insurance (PMI), which is required for borrowers with less than 20% equity in their home, is included in monthly mortgage payments to ensure that a lender is covered in the event that a borrower defaults on the loan. Once the equity in your home is greater than 20%, you can have PMI dropped from your mortgage payments, saving you money.

Through our work with banks and mortgage lenders, we have many years of experience providing appraisal services to remove costly PMI. If you believe the equity in your home is now greater than 20%, we will conduct a thorough and accurate valuation of your home that can help you eliminate PMI. As many Atlanta properties have significantly increased in value over the past few years, you may be able to remove PMI by demonstrating your current loan-to-ratio value. Likewise, if you have made significant home improvements since the time of your mortgage, your home’s value may have increased to the point that you are eligible to have PMI removed.

The first step in requesting your lender to remove PMI is to have your home reappraised and Appraisalsmith is here to help you get the process started.