An increasingly popular way homeowners are saving money is by having their private mortgage insurance (PMI) removed from their mortgage loan, thus saving them money on their monthly payments. If you have more than 20% equity in your home, you may qualify to have your PMI removed from your monthly mortgage payment by investing in the PMI removal services from Bankruptcy Home Appraisers.
Homes purchased with a down payment of at least 20% should have enough equity to cover any potential losses by the lender, so PMI isn’t necessary. However, purchasing homes with less than 20% down payment is now very popular, with some 15 million Americans utilizing PMI to make up the difference.
By continuing to carry PMI that is no longer required or needed, you decrease the amount of money available in your pocket and bank account.
Most lenders require a real estate appraisal by a state-certified appraiser, such as the staff at Bankruptcy Home Appraisers, as the primary proof required to eliminate unnecessary PMI insurance. At Bankruptcy Home Appraisers, we specialize home appraisals, bankruptcy appraisals, divorce appraisals, estate matters, financial planning and trust, and property tax appeals.
Even if a homeowner doesn’t have enough equity in their home, Congress recently passed a law which allows PMI insurance to be deductible from your taxes. This law is retroactive to 2012, so many recent home purchasers should be able to benefit it. There are exceptions and income limits, so a tax professional should be contacted for specifics.
The hardest thing for most homeowners is knowing just when their home equity rises above 20%. This is where Bankruptcy Home Appraisers steps in. Our experienced, state-certified appraisers know the market dynamics and property values of your area. As a trusted Georgia home appraiser with nearly two decades of local home appraising experience, we will provide you with the service, details, and speedy home appraisal reports many of our clients have come to expect. Contact Bankruptcy Home Appraisers today for your complimentary consultation.