PMI removal

Alpharetta Home Appraiser

PMI Removal

An increasingly popular money saving option for homeowners is to get their Private Mortgage Insurance (PMI) removed from their mortgage loan, thus saving them money on their monthly payments. If you have more than 20% equity in your home, you may qualify to have your PMI removed from your monthly mortgage payment.

Homes purchased with a down payment of at least 20% should have enough equity to cover any potential losses by the lender. With this being said, PMI is not required. Purchasing homes with less than 20% down is now very common. Over 15 million Americans have been able to purchase homes because of mortgage insurance making up for the down payment difference.
By continuing to carry PMI which is no longer required, you’re decreasing the amount of money available in your pocket and bank account.

Most lenders require a real estate appraisal by a state-certified appraiser as the primary proof required to eliminate unnecessary PMI insurance. At Alpharetta Home Appraiser, we specialize home appraisalsbankruptcy appraisalsdivorce appraisals, and estate matters. Some lenders have implemented minimum time limits before PMI can be removed regardless of the amount of equity in a home. It’s important for the homeowner to find out if the lender has implemented any minimum time limits before the process of removing the PMI.

Even if a homeowner doesn’t have enough equity, Congress recently passed a law which allows PMI insurance to be deductible from your taxes. This law is retroactive to 2012, so many recent home purchasers should be able to benefit from it. There are exceptions and income limits, so a tax professional should be contacted for specifics.

The hardest thing for most homeowners is knowing just when their home rises above the 20% mark. This is where Alpharetta Home Appraiser comes in. Our certified, licensed real estate appraisers are here to help. It is an appraiser’s job to know the market dynamics of their area. They know when property values have risen – or declined. As a trusted Georgia home appraiser firm with nearly 20 years of local home appraising experience, we will provide you with the service, details, and speedy home appraisal reports many of our customers have come to expect.