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Save Money on Your Mortgage by Eliminating Private Mortgage Insurance

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Over 50% of all mortgage loans have mortgage insurance (PMI).

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A 1998 federal law requires lenders to allow you to drop your PMI once you have 20% equity in your home.  This insurance may add from $25 to $100 to your monthly payment.

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To drop your private mortgage insurance you may need an appraisal by a qualified appraiser  Any  improvements you have made since purchasing your home will be reflected in the report.  We can help.

We can provide an independent appraisal of your home which is what the mortgage holder will require to eliminate you PMI. Simply send a copy of the appraisal to your lender and begin saving on your monthly payments. This insurance protects the lender in case of default on your loan. It does not provide you with any insurance protection. So there is no advantage to keep paying those monthly premiums.

 

A Few Links To Additional Information Regarding PMI Cancellation


Sample Letter for PMI Cancellation

Cancellation and the Law: The Homeowners Protection Act

MBA Guide To PMI Cancellation Law


Please contact the Castle Appraisal Services Plus professionals today for more information!
 

 

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Last modified: 11/18/05