Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. It is supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten.
This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan – whether through market appreciation or principal paydown – dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Our Expert Appraisers offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, we can provide you with a statement regarding the home value & help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.
Reducing PMI Will Lower Your Taxes
You can save a few hundred dollars EVERY month if your house has appreciated recently since its purchase. Chances are it has. You may be paying for this insurance needlessly. The first step to successfully grieve your property taxes is to accurately determine your home’s market value. Hudson View Appraisal Services is best suited to provide a well-supported analysis your assessor can trust.
Sure, you could try to figure out your home’s market value yourself, but most tax assessors will tell you that obtaining a home appraisal from a reputable appraisal company is the most effective way to grieve your taxes.
Hudson View Appraisal Services analyzes recent sales in your neighborhood to develop a realistic value for your most valuable asset. You could save hundreds or thousands of dollars every month.
If you would like to learn more, please visit the FAQs section, or contact us today to Get Started. Or visit us on LinkedIn. Use our services for managing your appraisal needs in the New York & Connecticut areas.