Stop Paying PMI Today!
If you are paying PMI you are not alone, more than 50% of all mortgage loans have mortgage insurance (PMI). PMI is private mortgage insurance that protects the lender against loss if the borrower defaults on their loan. However, according to 1998 federal law, lenders are required to drop your PMI once you have 20% equity in your home.
To drop your PMI, you may need an appraisal of your home by a state certified appraiser. To learn more about having your PMI dropped, contact MyCompany.com today. Don’t pay PMI longer than you are legally required to!
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How does an appraiser reach a value?
1. Research the subject property. The appraiser first conducts a physical inspection of the property and then researches the real estate assessment information to confirm the property size, ownership history and additional property information.
2. Research local real estate sales. The appraiser locates 4 to 6 comparable properties that have sold in the last 4 to 6 months. All of these properties must be comparable in size, design, age and condition.
3. Analysis. The appraiser reaches an indicated value for the subject property by comparing the subject’s components to those of the comparable properties researched.
4. Report the value. The appraiser uses their discretion and informs the client of the subject’s value either verbally, in writing, or in a full narrative report.
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