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What
is PMI Insurance? Private Mortgage Insurance (PMI) was introduced over
30 years ago in order to provide Lenders with insurance against default
for purchasers with a down payment of less than 20 percent. PMI Insurance
is collected through your Mortgage Payment to insure the Lender against
default.
PMI Removal The Home Owner Protection Act, dated July 28, 1998, and effective July 29, 1999, requires an annual notification of PMI removal. PMI is no longer necessary once homeowners have 20% equity in their house. Automatic notification of cancellation only applies to loans originated after July 29, 1999. On loans originated before that date, the homeowners must request cancellation. How much can I save? Eliminating PMI Insurance can save hundreds of dollars per year (typical savings seen is between $40 - $150 monthly, depending on your original loan amount). What do
I need to do to drop private mortgage insurance? Your lender is required to provide you with this information. They may agree to remove PMI without any additional effort on your part. However, in most cases, the lender will require you to submit a current appraisal (typically a URAR or Uniform Residential Appraisal Report) from a state certified appraiser. Make sure you ask if there are any specific requirements on the type of appraisal and who can perform the appraisal. Apex Valuation is on most approved appraiser lists and can provide you with the type of appraisal report you need. 2. Contact Us! Apex Valuation will consult you through the remaining process as long as you live within our service area, which is primarily the North Texas Area. We will need to know some brief information on your home (ie; address, square footage, year built), as well as your approximate loan balance. Our consultation will include a free preliminary study into the value of your home to determine if you qualify for PMI Removal. And if so, all you need to do is fill out the Appraisal Order Form (should be a click here) and you will be on your way! Feel free to e-mail or call us at (972) 248-2567 anytime during this process. It will be our pleasure to assist you with any questions you may have! |
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Copyright
2001 Apex Valuation, Inc.
DFW Office: phone: 972-248-2567 | fax: 972-248-2587
