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| Eliminating PMI Coverage - If you put less than 20% cash down when you purchased your home, you were probably required to purchase Private Mortgage Insurance (PMI) by the lender. This insurance may add from $25 to $100 or more to your monthly payment. You may remove this insurance if you can prove the equity in your home exceeds 20% of its current value. With the significant appreciation we have experienced over the last several years, it is more than likely you can qualify. This is where we can help. We can provide an independent appraisal of your home which is what the mortgage holder will require to eliminate your PMI. You then simply send a copy of the appraisal to your lender and begin saving on your monthly payments. PMI protects the lender in case of default on your loan. It does not provide you with any insurance protection. So there is no advantage in keep paying those monthly premiums. |
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