Did you know that the possible steady rise in your home’s value recently doesn’t just mean more money down the road, it could mean you can reduce your mortgage right now. If you have been paying PMI you have probably reached that 75-80% loan to value margin required to remove PMI faster than you realize. Additionally, if you have done any upgrades, such as a significant kitchen remodel, you should consider an appraisal that would factor in those improvements which may increase to your home’s value.
Two Paths To Eliminating PMI
The first way to remove this extra insurance is simply by proving your home has reached the 80% of your home’s original value back when the home was purchased. The simplest was to do that is with an independent appraisal that DVS Appraisals can provide. The second path to PMI removal is demonstrating the home value has increased. Cancelling your PMI based on your home’s new value only requires 75% Loan-to-Value Ratio, and would also be confirmed with an appraisal.
What Documents Are Required For Removal?
With a brief home appraisal showing the new loan to value and a quick letter to your lender you can swiftly wave goodbye to PMI payments. Need to figure out if you might be close? You can review your loan to value with an online calculator to see where your current value may be, keeping in mind this would not catch any home improvements that may benefit the value of your home.
DVS Appraisals Is Here To Help
We know you probably have questions specific to your home’s value and we are happy to advise you on your PMI removal readiness, simply contact us to find out how we can help. DVS Appraisals has been working successfully and safely with homeowners to navigate your home’s appraisal and while addressing Covid-19 safety within our own protocols.
We look forward to advising you.