.png)
Let Wheeler Appraisal help lower your mortgage payment
What is PMI? Private Mortgage Insurance, or PMI, is an additional insurance policy that almost all lenders ask homeowners to purchase when the amount being loaned to the buyer is more than 80% of the actual value of the home. More often than not, this extra payment is bundled into the monthly mortgage payment and is promptly forgotten. This is damaging because PMI is unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to dismiss the PMI payments on most mortgages when the balance is paid down to 78% of the original value.
If you'd like to do away with PMI, an appraiser from Wheeler Appraisal will give you a statement regarding the value of your home. The expense of the appraisal can often be recovered in just a few months because you'll no longer be paying the PMI. To order residential appraisal services for PMI removal in Austin, Texas or surrounding Central Texas areas, click 'Request An Appraisal' below.