Residential Real Estate Appraisal, Mortgage Financing, Insurance - Sterling, VA

PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. It is an insurance policy for the lender, not for you. Mortgage insurance is a type of guarantee that helps protect lenders  against the costs of foreclosure.  It allows lenders to accept a lower down payments than they would normally require.
Mortgage lenders will not remove this PMI insurance cost unless proof is provided of an appreciated value of your home of a minimum of (20%).

Private Mortgage Insurance (PMI) is included in your monthly payment. You receive no benefits from PMI, it is added insurance for the lender in case you default on your loan. You are entitled by law to have it removed if your home value rises to the point that your loan balance is less than 80% of the home’s current value.

Three steps are required for PMI removal:

1.  Request from your lender their PMI removal guidelines. All are slightly different but all require at least a year of timely payments. There are sometimes very small review fees, most do not charge fees.

2.  The lender will require you to have your home appraised to its current market value by a state-licensed appraiser at your expense.

3.  Submit the appraisal and the lender’s completed forms to the lender via certified mail.

We guarantee our home appraisals to be acceptable to your lender. Your appraisal will be the same type of appraisal that we prepare for lenders granting home loans and is guaranteed to be acceptable.

The costs of the appraisal are recovered in just a few months after the PMI has been removed from your payment.

Contact Appraisal Master and obtain a PMI Removal Appraisal today!