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Why get an Appraisal
Estate Appraisal
Divorce Appraisal
Expert Testimony
Types of appraisals
Horry & N. Georgetown County
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About PMI
(Private Mortgage Insurance)
PMI, Private Mortgage Insurance, is supplemental insurance that many lenders ask
home buyers to purchase when the amount being loaned is more than 80% of the
value of the home. The cost of PHI is normally added to your mortgage payment.
PMI becomes unnecessary when the remaining balance of the home loan falls below
80%, whether through principal pay down, market appreciation or home additions.
The United States Congress passed a law in 1998, the Homeowners Protection Act
of 1998 that requires lenders to remove PMI payments when the loan-to-ratio
conditions have been meet.
An appraisal done by a certified, licensed real estate appraiser can provide you
with a professional statement of your home's value. Using this information, you
can then contact your lender in writing requesting PMI be removed. The mortgage
company will most often eliminate the PMI coverage.
Link to
Federal Trade Commission -
Consumer Alert - Cancellation of Private
Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year. |
