NJ PMI Removal

If you are paying PMI and you have:

  • made enough payments to exceed 20% equity

  • made renovations to increase its value

  • your home has appreciated with the market

 you can request PMI removal.

 We Make PMI Removal Appraisals Easy

 

STEP 1

Get a Free Quote

Fill out the form on our website to get a free quote and we’ll get back to you shortly.

STEP 2

Appraisal Inspection

We perform an on-site appraisal inspection to ensure accuracy.

STEP 3

Report Delivery

We email high quality home appraisal reports with great customer service and a quick turn-around time.

 

PMI or Private Mortgage Insurance is a way that lenders protect themselves from default loans.

Mortgages that have 20% or higher equity are much less likely to default on the loans. If you have less than 20% equity, the lenders require additional payments as PMI. These payments typically range from $130-$500/month.

PMI removal is a great way to save money. The first step is to figure out the value of your home. An appraisal report from a qualified professional is the best bet for determining fair market value.  Zillow and CMA’s by realtors will not be accepted by Fannie Mae.

Steps for PMI removal:

  • Determine the value of your home

  • Make sure mortgage payments are up to date

  • Provide a written request to remove PMI

The second item you need to be aware of is that your mortgage payments are up to date. If they are not, this will be a good reason for the lender to deny you. Once you are set, you can write a letter to the lender requesting PMI removal.

Homeowners can often overlook the opportunity to remove PMI as it is a low payment typically bundled with the monthly mortgage payment. If you are currently paying PMI and believe you now have 20% equity in the home, have an appraisal performed to hopefully start saving money.

Remember, the cost of an appraisal for PMI removal is earned back in a matter of months due to the savings. Please contact American Realty Appraisals or call us now at 908-233-1337.

OUR SERVICE GUARANTEE

While we won’t be able to guarantee a pre-determined value on a property, we can guarantee quality service for our clients. If for any reason you are not satisfied with our service, please let us know and we will do everything in our power to rectify it.

“We highly recommend American Realty Appraisals. Evan exceeded our expectations.”

“He is professional, fair, and knowledgeable. He was able to accommodate our requests and ensured a prompt delivery of the report. His report is very thorough and detailed oriented.”

– Aiko I.

Getting Started is Easy

American Realty Appraisals makes it easy and fast to schedule your real estate appraisal. Click the link below and we’ll get back to you shortly.