PMI Removal Appraisals
Private Mortgage Insurance, or PMI, is often required when a homeowner purchases a property with less than 20% down. While PMI protects the lender, not the homeowner, it can add a significant monthly cost to your mortgage payment. Once you have built enough equity in your home, you may be able to request PMI cancellation and reduce your monthly payment.
When a PMI Removal Appraisal May Be Needed
If your home has increased in value due to market appreciation, improvements, principal reduction, or a combination of these factors, you may have enough equity to qualify for PMI removal. Many lenders require a real estate appraisal or other valuation product to help determine whether the property’s current market value supports cancellation of PMI.
Before ordering an appraisal, it is important to contact your loan servicer to confirm their specific PMI removal requirements. Each lender will have different guidelines for PMI removal. Some lenders allow the homeowner to choose an appraiser, while others require the appraisal to be ordered directly through the lender or loan servicer.
Helping Homeowners Understand Their Equity
Removing PMI can potentially save homeowners money each month, but the process can be confusing if you are not sure where to start. We are happy to answer questions about the appraisal process and help you understand whether a PMI removal appraisal may be appropriate for your situation.
If you are considering requesting PMI cancellation, contact your loan servicer first to confirm their requirements. Then give Everest Home Valuation Services a call at 612-968-0518 or fill out our free quote request form to discuss your appraisal needs.
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