Private mortgage Insurance Removal

pmi removalPrivate mortgage insurance, or PMI, can protect the investor or lender against loss if borrowers stop making payments. Usually, property owners mistakenly pay PMI years after it is no longer needed and as a result, end up paying thousands or more in useless insurance premiums.

There is some good news that many property owners don’t know. Once you have reached the 20% equity in the property by appreciation improvements that are made to the property or by paying down the principal balance total of the mortgage fee, you become eligible to apply to cancel these private mortgage insurances. All you have to do is ask, in writing, that private mortgage insurances be canceled (most of the lenders have a very brief form that must be filled well out) and provide lenders with proof of sufficient equities over 20%.

PMI doesn’t protect property owners against losses, so borrowers that are required to buy it will never likely deal with mortgage insurance companies themselves. All dealings concerning mortgages are usually handled by lenders. It’s also the lenders (or the eventual purchasers of your mortgage loans, if any) who have the ultimate decisions when it comes to the mortgage insurance, meaning when and how much the homeowners have built up enough equities in the properties to drop the mortgage insurance. Therefore one should remain in contact close enough with lending institutions which services the mortgage (collects monthly payments) to try inquire about such type of insurance mortgage and the requirements very necessary to have them cancelled.

Most lenders require real estate appraisals by state certified appraisers as the primary proofs required to eliminate any unnecessary PMI insurance fees. At Commercial Appraisers of Atlanta, we specialize in helping people just like you rid themselves of unwanted PMI fees.

Call Commercial Appraisers of Atlanta today at (404) 692-5450 for more information. We have the experience and qualifications to meet all of your appraisal needs and are equipped to deliver competent appraisals within the time frame you need.

Get Your Appraisal Started Today!

Get in touch with us today by calling (404) 692-5650 or by submitting an online appraisal request. You will speak directly with a local, knowledgeable expert appraiser.