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.