PMI Removal
Private Mortgage Insurance (PMI) can be a costly addition to your mortgage payment, as it offers protection to the lender if you default on the loan. However, there are ways for homeowners to remove PMI and save on monthly expenses. At Titan Consulting, we offer PMI Removal Appraisal services to help homeowners in the Phoenix Metro area and surrounding counties eliminate this financial burden.
Understanding PMI and Removing It
Typically, a 20% down payment is required when purchasing a home. If you didn't meet this requirement, you might have been required to pay for PMI. Here's how you can remove it:
The Homeowners Protection Act: According to this federal law, PMI must be automatically ceased by the lender when the loan's principal balance reaches 78% of the original loan amount. However, homeowners can request the removal of PMI once the principal balance reaches 80%.
Pay Attention to the Details: Check with your lender if there are any specific time limits before you can request PMI removal. Some lenders may require a minimum waiting period.
Prepay on Your Loan: Accelerating your payments and making extra contributions to your mortgage can help reduce your loan balance faster. Even small additional amounts can make a significant impact over time.
Remodel to Increase Home Value: Enhancing your home's market value through renovations, such as kitchen updates, bathroom remodels, or adding rooms or a pool, can positively impact your loan-to-value ratio. By recalculating this ratio using the increased value, you may reach the 80% threshold sooner.
Get an Appraisal: The most reliable way to determine when your home's equity exceeds 20% is by obtaining an appraisal from an accredited, Arizona licensed real estate appraiser like us. We understand the market dynamics in the East Valley and all of Maricopa County and surrounding areas, allowing us to provide accurate valuation based on current property values.
Titan Consulting - Your Trusted PMI Removal Partner
As an accredited, Arizona licensed real estate appraiser, we specialize in assisting homeowners with PMI Removal Appraisals. We have in-depth knowledge of local market dynamics, enabling us to identify value trends and determine the precise equity threshold required for PMI removal. When armed with our appraisal report, you can confidently approach your mortgage company to initiate the PMI removal process, leading to substantial savings for you.
Learn More About PMI Removal
Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year
Schedule Your PMI Removal Appraisal
Take the first step towards removing PMI and saving on your mortgage payments. Explore our website, review our appraisal services for more about our expertise and commitment to providing accurate appraisals.
Contact us today to schedule your PMI Removal Appraisal and start enjoying the financial benefits of eliminating your Private Mortgage Insurance.