Private Mortgage Insurance (PMI) is typically required for loans that are made for borrowers who put less than 20% down for their home purchase. The fee is added to you monthly payment and over time, the fee can substantially add up to overall cost of your loan! Fortunately, your lender is required to drop your PMI payments (per the Homeowners Protection Act also known as “PMI Cancellation Act”). Luckily with the general increase of home values the past few years, you may want to contact your lender and inquire about the steps of removing PMI from your loan. Often times, a private appraisal is needed for your lender to review.
Contact us today so we can discuss your situation and determine the best course of action for your appraisal needs. We have experience in many cities within the Sacramento, Placer, Nevada, El Dorado, Yuba, Sutter, Yolo market areas.