Eliminate Paying P.M.I.

  • What is private mortgage insurance?

    • Private mortgage insurance is a type of insurance provided by a private mortgage insurance company to protect a lender in the event of default on a loan. This type of insurance is generally required when a borrower has less than 20% equity on a home.


  • Who pays for private mortgage insurance?

    • The borrower pays for mortgage insurance on a monthly basis in addition to the principle and interest payments that are made on a loan. The lender then transfers these premium payments to the mortgage insurance company.


  • Once my loan to value ratio drops below 80%, can the P.M.I. be removed?

    • Yes. Lenders will allow borrowers to remove the P.M.I requirement once the property’s appraised value increases such that the loan to value ratio is below 80%. Usually the lender (mortgage holder) will require a certified appraiser to appraise the property to determine its current market value.


  • What do I need to do to remove my P.M.I.

    • With today’s high real estate values, removing Private Mortgage Insurance has never been easier. The real estate market has reached its peak prices in some areas and now is the time to act in the removal of Private Mortgage Insurance. Our office specializes in assisting homeowners in the removal of P.M.I. and we eliminate the need for you to contact a mortgage broker (and possible mortgage broker fees). Contact your current mortgage holder directly to determine their policy on removing mortgage insurance from an existing loan.


  • What does it cost to remove the P.M.I.

    • A phone call to our office (or filling out the on-line order form) after contacting your lending institution is all you need to do. The lending institution will inform you of the estimated value needed in order to eliminate your PM.I. We will then provide you with the Real Estate Appraisal certified to your current lending institution. In most cases, the appraisal fee is all you pay (the appraisal fee depends on the type of property you own – not the value).

    Robert Virsinger, CSA-R - Certified Appraiser #45000017123