Kevin Hescock
appraiser@oip.net
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Save Money - Drop Private Mortgage Insurance
DO YOU OWN A HOME?
SAVE YOUR HARD-EARNED MONEY
DROP YOUR PMI!
(Private Mortgage Insurance)
What is Mortgage Insurance (PMI), and why do I pay it?
PMI is an (insurance premium) that is taken out of your mortgage payment that protects the lender in the event of foreclosure. But don't be fooled, this has nothing to do with protecting (you), the borrower. When you purchased your home your lender added mortgage insurance, also called Private Mortgage Insurance (PMI), to your monthly payment unless you made at least a 20% down payment. This payment is based on the original mortgage amount and is paid as part of your monthly mortgage payment. This premium usually continues to be paid for the life of the loan, or until you request it to be dropped.
You usually need 20% equity in your home to drop PMI.
What is Equity?
Equity is the difference between the value of your home and the mortgage balance (i.e., If your home is worth $100,000 and your mortgage balance is $80,000, then your equity is $20,000).
How do I drop my mortgage insurance?
4 easy steps It's that simple!
-First step is to contact your Mortgage Company or Title Company and find out what your current loan balance is and what Equity amount is required to drop PMI. (You may already know your balance if you receive monthly statements for your mortgage payment.)
-Second step is to contact your friendly local appraiser, (that would be me). The only way to drop your PMI is to have a recent appraisal which shows that your present loan balance is approx. 80% or less of your home's current market value. The only way to find out if your house will appraise to that amount is to contact your local appraiser.
-Third step is to send your lender a copy of the appraisal and request to have your PMI dropped.
–Fourth step is to enjoy having a lower mortgage payment.
I reduced my monthly mortgage payment by $56!! That’s $672/yr.
You could save even more!!
If you are interested in saving your hard-earned money I can help you. If you are ready to order your Appraisal click on "Order an Appralsal" in the menu bar to the left, or for more information,
Call: (541) 741-9899
Email:
Appraiser@oip.net