San Diego Home Appraisals For Private Mortgage Insurance (PMI) Removal

Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten.

This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan – whether through market appreciation or principal pay down – dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

We offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, we can provide you with an evaluation and statement regarding the home value. We can even take the next step and help you file a challenge with your mortgage company. The costs of these appraisal services are very often recovered in just a few months of not paying the PMI.