PMI Removal
Accurate property valuation is the first step to PMI Removal

What is PMI?
PMI, or Private Mortgage Ins00urance, allows potential homeowners to purchase a home with less than 20% down by insuring the lender against default.

Canceling PMI

Lenders have determined that those with more than 20% equity in their homes are less likely to default on a mortgage.

If you have PMI and would like to cancel same because the equity in your home is now higher than 20%, an appraisal would be required to establish this information. To obtain this appraisal, ask an appraiser to contact the lender to whom you send your payments each month and ask the lender to order an appraisal to determine the market value.

It is important to keep an eye on your equity to determine when you can eliminate your PMI. Once an appraisal is performed and the PMI is removed, consider applying the extra money you save towards your mortgage to pay down the loan faster.

You may also consider refinancing or restructuring your loan so you will not have PMI.

Kranstover Appraisal Services can assist you with determining the value of your home in order to remove PMI.