PMI Removal
Private Mortgage Insurance (PMI) is typically required when you put down less than 20% on a home purchase. While it protects lenders in case of default, it can be a significant expense for homeowners. we specialize in helping homeowners like you eliminate PMI and save money on your monthly mortgage payments.
Overview
Private Mortgage Insurance (PMI) removal is an important consideration for homeowners who initially financed their property with less than 20% down payment. PMI is designed to protect lenders in case of borrower default, but it adds an extra monthly expense for homeowners. Once the mortgage balance falls below 80% of the home’s appraised value, homeowners have the right to request the cancellation of PMI. This can typically be achieved through a formal request to the lender, accompanied by documentation such as a recent home appraisal or proof of increased equity due to property appreciation or additional payments made on the principal.
Removing PMI can significantly reduce monthly mortgage payments, freeing up funds for other expenses or investments. Homeowners should regularly monitor their property values and mortgage balance to determine the optimal time to pursue PMI removal. It's also beneficial to maintain a good payment history and ensure that the property is well-maintained, as these factors can positively influence the lender’s decision. Ultimately, successfully removing PMI not only enhances the homeowner's financial situation but also reflects the building of equity in the property, marking an important milestone in homeownership.
Assessment of Your Situation
We’ll evaluate your current mortgage terms, home value, and payment history to determine if you're eligible for PMI removal.
Guidance Through the Process
Our experienced team will guide you through the necessary steps, including obtaining a home appraisal and submitting the required documentation to your lender.
Negotiation with Lenders
We’ll assist in negotiating with your lender to ensure a smooth PMI removal process.
How We Can Help?
Steps to Remove PMI
Check Your Eligibility
You may qualify if your home has gained value or if you've paid down enough principal.
Home Appraisal
An appraisal can confirm your home’s current value, demonstrating increased equity.
Contact Your Lender
We'll help you draft a request to your lender, including all necessary documentation.
Confirmation of Removal
Once approved, you’ll receive confirmation, and PMI charges will be removed from your mortgage.
