PMI Removal Appraisal ServicesEliminate Private Mortgage Insurance with a Professional Home AppraisalIf you are paying Private Mortgage Insurance (PMI) on your mortgage, an increase in your home's market value may allow you to request removal of PMI, depending on your loan terms and lender requirements. As your home's equity increases, whether through mortgage payments, market appreciation, or improvements to the property, you may have sufficient equity to qualify for PMI cancellation. A professional PMI removal appraisal can provide an independent opinion of your home's current market value for consideration by your mortgage lender or servicer. Why Obtain a PMI Removal Appraisal?Many homeowners rely on online home value estimates to determine whether they have reached the required equity level. However, automated estimates may not accurately reflect the current condition, improvements, location, or market characteristics of an individual property. A professional residential appraisal provides a detailed analysis based on:
The result is an independent, well-supported opinion of the property's current market value. How the PMI Removal Process WorksIf you believe your home has gained sufficient equity to qualify for PMI cancellation, your mortgage lender or loan servicer may require a professional appraisal or other valuation. Step 1 – Contact Your Mortgage Servicer Step 2 – Order a Professional Appraisal Step 3 – Submit the Appraisal to Your Lender Step 4 – Lender Review Professional PMI Appraisal Services in Southeast FloridaDiCicco & Associates provides PMI removal appraisal services throughout Southeast Florida and surrounding communities. With more than 25 years of residential appraisal experience, we understand the importance of providing credible, well-supported valuations for homeowners making important financial decisions. Whether your property is located in Wellington, Lake Worth, West Palm Beach, Palm Beach Gardens, Jupiter, Boynton Beach, Delray Beach, Boca Raton, or surrounding Palm Beach, Martin, Broward, St. Lucie, and Okeechobee County communities, contact us to discuss your residential appraisal needs. Considering PMI removal? Contact DiCicco & Associates today to discuss obtaining a professional appraisal of your home's current market value. Note: PMI cancellation requirements vary by loan type and lender/servicer. An appraisal establishes an opinion of market value but does not guarantee that your lender will approve PMI cancellation. Homeowners should confirm applicable requirements directly with their mortgage lender or servicer. 
Does your monthly mortgage payment include PMI? Contact us, you may be able to save money by removing your PMI. How can homeowners keep from bearing the cost of PMI?With the employment of The Homeowners Protection Act of 1998, on nearly all loans lenders are required to automatically stop the PMI when the principal balance of the loan reaches 78 percent of the primary loan amount. The law states that, at the request of the home owner, the PMI must be dropped when the principal amount reaches only 80 percent. So, smart home owners can get off the hook ahead of time. Because it can take many years to get to the point where the principal is only 20% of the original loan amount, it's necessary to know how your home has grown in value. After all, every bit of appreciation you've obtained over time counts towards removing PMI. So why should you pay it after your loan balance has dropped below the 80% mark? Despite the fact that nationwide trends forecast declining home values, understand that real estate is local. Your neighborhood might not be adhering to the national trends and/or your home might have secured equity before things simmered down. A certified, licensed real estate appraiser can help home owners understand just when their home's equity goes over the 20% point, as it's a tough thing to know. As appraisers, it's our job to keep up with the market dynamics of our area. At Di Cicco & Associates, we're masters at pinpointing value trends in Palm Beach Garden, Santa Rosa County and surrounding areas, and we know when property values have risen or declined. When faced with figures from an appraiser, the mortgage company will generally remove the PMI with little trouble. At that time, the homeowner can relish the savings from that point on.
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