PMI Removal Appraisals

If you've been paying on your mortgage a long time, there's a good chance you might be able to rid yourself of the expense of Private Mortgage Insurance, or PMI. Contact the company that services your mortgage to find out if and what you pay.

Private Mortgage Insurance is required on some mortgage loans to protect the lender from the fallout from default. You may have been required to pay the premium as part of your monthly payment because of the size of the downpayment you made. Depending on the value of your home, you could save $100.00 - $200.00 per month or more.

Whether you can stop paying the PMI will be determined according to the standards of your lender. It most often depends on whether your outstanding balance is a certain percentage less than the market value of your home. The market value will be determined by a professional Las Vegas or southern Nevada appraiser.

Your lender will likely order the appraisal from a company it trusts, and have you pay the fee. If you've been paying faithfully on your mortgage for two years or more, it's worth a phone call to your loan servicer.