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Stop Paying PMI Insurance!
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Over 50% of all mortgage loans have mortgage insurance (PMI).
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A 1998 federal law requires lenders to allow you to drop your PMI once you have 20% equity in your home.
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To drop your private mortgage insurance you may need an appraisal by a state certified appraiser. Any improvements you have made since purchasing your home will be reflected in the report.
Common Questions
What is the cost of an appraisal?
Appraisal fees fluctuate in different areas. A typical residential
appraisal will cost $300 - $400. Visit our fees page for our
prices.
How much can I save?
Contact your lender for the specific amount. PMI rates typically vary between $0.35 - $0.80 per $100 (based upon your loan amount). The table below has several examples.
Monthly
PMI Cost
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| Original
Loan Amount |
5%
Down |
10%
Down |
15%
Down |
| $100,000 |
$60.00 |
$40.00 |
$30.00 |
| $150,000 |
$90.00 |
$60.00 |
$45.00 |
| $200,000 |
$120.00 |
$80.00 |
$60.00 |
Note: These are monthly costs!
What do I need to do to drop my mortgage insurance?
1. Contact your lender. Verify that you are paying mortgage insurance. Confirm that you qualify for pmi removal. Get their specific requirements for exactly what you need and where to send the information. Most will require an appraisal by a
State Certified Appraiser.
2. Contact an appraiser. Verify that they meet your lenders experience and certification/licensing requirements.
3. Send the report to your lender and enjoy your lower house payment.
It's that easy!
APPRAISAL ORDER FORM
122 Punta Vista Dr
St Pete Beach, FL 33706
Tel: 727-360-2397 Fax: 727-360-3672
Federal Tax ID# 59-3431683
Email: support@48hourappraisals.com
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