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PMI Removal
PMI Removal
PMI is usually required when the borrower’s down payment or home equity is less than 20% of the total outstanding mortgage. An appraisal of your property will help eliminate the need for PMI once the 80% LTV (loan-to-value) condition has been established. As a result of removing the PMI, there will be a reduction in your monthly payments. Our staff is very experienced in assisting with PMI removal , and we will be happy to put our extensive experience to work for you.
Key Benefits of an Appraisal for PMI Removal
⦁ Accurate Valuation: An appraisal can provide an accurate and current market value of the property, reflecting any changes in the real estate market or improvements made to the home.
⦁ Equity Calculation: By providing a precise valuation, an appraisal helps homeowners and lenders calculate the current equity percentage, which is critical in determining eligibility for PMI removal.
⦁ Lender Requirements: Many lenders require an appraisal to consider PMI cancellation requests. A certified appraisal report from Urban Appraisals can satisfy this requirement and expedite the removal process.
⦁ Cost Savings: While appraisals have an upfront cost, the potential savings from PMI removal can be significant. Eliminating monthly PMI payments can reduce overall mortgage costs and improve cash flow.
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Our Appraisal Work Process
Consultation and Planning
We begin by understanding your unique needs, gathering details about your property, and explaining the appraisal process.
Detailed Property Inspection
Our certified appraisers conduct a thorough on-site inspection, assessing all relevant aspects of your property.
Market Research and Analysis
Using the latest market data, we compare similar properties to establish a fair and accurate valuation.
Comprehensive Reporting
We deliver a detailed, USPAP-compliant appraisal report accepted by New York Courts, the IRS, and other agencies.