Private Mortgage Insurance (PMI) protects the lender if a loan defaults, and it often runs $25 to $150 or more a month. Most loans above 80 percent loan-to-value require it, but with timely payments and rising values many homeowners no longer need it.
Most mortgage companies allow homeowners to drop PMI after at least two years with good payment history and a loan balance at 80 percent or less of the appraised value. Normally all that is required is an appraisal, and most lenders let homeowners order their own. We can provide an accurate market value to take to your lender and get the process started.
Typically ordered by Homeowners, relocating employees