Are you still paying PMI on your mortgage?
You may be able to get your PMI removed if your Loan to Value Ratio is below 80%!!
To remove PMI (Private Mortgage Insurance), consider the following steps:
- Check Loan-to-Value Ratio: Verify your current loan-to-value (LTV) ratio. LTV is the amount of your mortgage loan compared to the appraised value of your home. PMI is usually required if your LTV is above 80%.
- Review Home Value: Assess whether the value of your home has increased. If you believe it has, obtaining a new appraisal may be necessary to demonstrate the increased value.
- Contact Your Lender: Reach out to your mortgage lender and inquire about their specific requirements for PMI removal. Lenders may have different criteria and processes, so it’s crucial to understand their guidelines.
- Request Appraisal: If required, schedule a professional appraisal of your home. Ensure the appraiser is licensed and follows the lender’s guidelines. Contact Davlin Appraisal Services for a quote.
- Submit Documentation: Provide the necessary documentation, including the appraisal report, to your lender. This information will be used to reassess your loan-to-value ratio.
- Wait for Confirmation: Once you’ve submitted the required documents, wait for your lender’s confirmation regarding PMI removal.
- Enjoy PMI Savings: Upon approval, your monthly mortgage payments will no longer include PMI, resulting in cost savings over the life of the loan.
It’s important to note that some loans may have specific time or payment requirements before PMI removal is allowed, even if your equity position has improved. Always consult with your lender to understand their policies and ensure a smooth PMI removal process.
Contact Davlin Appraisal Services to get a quote for an appraisal at (208) 250-4921 or at https://www.davlinappraisal.com
