PMI Removal Appraisals

Private Mortgage Insurance is a premium paid by borrowers who have less than 20%-25% equity in their home. This insurance typically cost 0.50% to 1% of the loan amount every year and is typically rolled into the mortgage payment and may be quickly forgotten. Once the mortgage ratio drops to 80% or less, due to appreciation or principle buy down, you can have PMI removed potentially saving a good deal of money. Most lenders will allow for a new appraisal to determine if you have the required 80% equity. The Uniform Standards of Professional Appraisal Standards (USPAP) prohibits appraisers from guaranteeing a specific value. Lenders typically will not accept Brokers Price Opinions (BPO’s) or Comparable Market Analysis (CMA’s), an Assessors Tax Value or Zillow Zestimates, since they are less reliable.

Serving Tuolumne County, Calaveras County and Alpine County for over 40 years!

Mortgage PMI Insurance Appraisal - Martin Appraisal Services, Sonora California