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You may be paying hundreds or thousands of dollars a year for unnecessary Private
refinancing, without changing your interest rate, and without high closing costs by
simply talking to your existing lender and getting an appraisal.
WHAT IS PMI?
PMI is extra insurance that lenders require from most home buyers who obtain loans
that are more than 80 percent of their new home's value.
WHO'S PAYING PMI?
Buyers who got a loan with less than a 20 percent down payment are normally
required to pay PMI. If you're paying PMI it will show it on your monthly mortgage
statement.
WHEN CAN YOU ELIMINATE PMI?
Look at your mortgage statement and find the loan balance. Multiple that number by
1.25. If you're current market value is higher than that number you may be able to
eliminate your PMI. Or you can take your estimate of your current market value and
multiple it by .8. If your loan balance is lower than that number you may be able to
eliminate your PMI.
WHAT SHOULD I DO?
If you're paying PMI and you think the balance on your loan is less than 80% of the
current market value of your home call your lender to see if you can eliminate your PMI
and ask what kind of documentation is required. Usually they want a full appraisal but
sometimes they’ll accept a drive-by or a desk appraisal. Some lenders used to accept
a market analysis from a Realtor. If you're lucky you may not need an appraiser, but
most lenders will require an appraisal from a licensed appraiser.
When you have that information call us and we'll schedule an appraisal to met your
lenders needs. A typical appraisal costs around $350 and you can usually save that in
one to two months.
To obtain more detail information go to the Federal Reserve Bank Consumer
Information on PMI by clicking on the following logo.
The FJE Appraisal Group is NOT associated with the Federal Reserve Bank
refinancing, without changing your interest rate, and without high closing costs by
simply talking to your existing lender and getting an appraisal.
WHAT IS PMI?
PMI is extra insurance that lenders require from most home buyers who obtain loans
that are more than 80 percent of their new home's value.
WHO'S PAYING PMI?
Buyers who got a loan with less than a 20 percent down payment are normally
required to pay PMI. If you're paying PMI it will show it on your monthly mortgage
statement.
WHEN CAN YOU ELIMINATE PMI?
- you pay down your mortgage to less than 80 percent of the current value
- your current market value has increased since you bought the house
- you raise the current market value due with home improvements
Look at your mortgage statement and find the loan balance. Multiple that number by
1.25. If you're current market value is higher than that number you may be able to
eliminate your PMI. Or you can take your estimate of your current market value and
multiple it by .8. If your loan balance is lower than that number you may be able to
eliminate your PMI.
WHAT SHOULD I DO?
If you're paying PMI and you think the balance on your loan is less than 80% of the
current market value of your home call your lender to see if you can eliminate your PMI
and ask what kind of documentation is required. Usually they want a full appraisal but
sometimes they’ll accept a drive-by or a desk appraisal. Some lenders used to accept
a market analysis from a Realtor. If you're lucky you may not need an appraiser, but
most lenders will require an appraisal from a licensed appraiser.
When you have that information call us and we'll schedule an appraisal to met your
lenders needs. A typical appraisal costs around $350 and you can usually save that in
one to two months.
To obtain more detail information go to the Federal Reserve Bank Consumer
Information on PMI by clicking on the following logo.
The FJE Appraisal Group is NOT associated with the Federal Reserve Bank
FJE APPRAISAL GROUP
Your Southern California Real Estate Appraisers
Your Southern California Real Estate Appraisers
| FJE Appraisal Group |
Voice 909.596.3765
FAX 800.470.1397
FAX 800.470.1397