Is PMI Part of Your Monthly Mortgage Payment?

If you're paying Private Mortgage Insurance (PMI), it could be costing you hundreds of dollars every year. PMI is often required by lenders when homeowners have less than 20% equity in their homes — some lenders may require up to 25%. By law, once you reach the required equity, your lender is obligated to allow you to remove PMI. This means that the principal balance of your loan must be at or below 80% of the original loan amount.

Alternatively, if your home’s value has increased and you now have 20% or more equity, you may qualify to have PMI removed completely.

The Key to PMI Removal:

In order to remove PMI, you need accurate evidence of your home’s current value. That’s where we come in! A PMI removal appraisal from a local Austin appraiser is exactly what your lender needs to delete PMI from your monthly mortgage payments.

Why Now Is the Right Time to Remove PMI in Austin:

With Austin home values rising steadily, it's a smart move to check if you’re still paying PMI. If you are, it might be time to find out how much your home is worth now versus what you owe. Consider this:

PMI could cost you between $100 to $160 per month on a $300,000 mortgage!

That’s $1,200 to $1,920 a year that could be back in your pocket!

How to Remove Your PMI:

1. Verify with Your Lender:
Contact your lender to confirm whether you’re still paying PMI. Once you’ve reached 22% equity, lenders are required by law to remove PMI, but it’s always worth confirming with them directly.

2. Check Your Mortgage Balance:
Request your exact outstanding loan balance from your lender. This is important for determining whether your loan balance is at or below 80% of your home’s original value.

3. Get an Appraisal:
If you believe your home’s value has increased enough to reach 80% or more equity, you’ll need to get an appraisal to prove this. Many homeowners don’t know they have the option to choose their own appraiser. If that’s the case for you, we’re here to help! Our PMI removal appraisal will provide the detailed evidence your lender needs to eliminate PMI from your mortgage payments.

Why Choose Us for PMI Removal in Austin?

• Local Expertise: We know the Austin market inside and out. We understand the nuances of home values in the area and how to present your home’s value accurately to your lender.

• Fast and Accurate Reports: Our PMI removal appraisals are thorough and completed in a timely manner to help you save money sooner.

• Simple Process: We’ll guide you through the entire process, from contacting your lender to submitting the appraisal report.

Get Started Today:

Ready to lower your mortgage payments and get rid of PMI? Give us a call today to schedule your PMI removal appraisal in Austin. We’ll provide you with the evidence you need to potentially eliminate PMI — saving you money every month!