Private Mortgage Insurance — PMI — is an additional monthly cost built into many home loans when the buyer puts less than 20% down. What many homeowners don’t realize is that once you’ve built enough equity in your home, you may be able to have PMI removed — and a professional appraisal is often the key to making that happen.
If your home has appreciated in value since you purchased it, your equity position may be stronger than your lender’s records reflect. An independent appraisal establishes the current market value of your property, which your lender can use to recalculate your loan-to-value ratio. If that ratio has dropped below 80%, you may qualify to have PMI removed — potentially saving you hundreds of dollars a month.
We can help and the process is straightforward — contact your lender first to confirm their specific requirements for PMI removal, then give us a call. We’ll handle the rest.
We are easy to reach, work with, and happy to answer any questions you have about the process before you engage us.
Contact us today at 206-632-2333 or joshua@witherellre.com.