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If you bought your home with less than a 20% down payment, it is likely you are paying for private mortgage insurance (PMI). These premiums are part of the monthly mortgage payment you make, and insure your loan in case you default.
If you can prove to the lender that you now have 20% or more equity in your home, the PMI can be removed from your payment. You may have enough equity in your home to remove PMI if:
- Your current loan is two years old or more
- You purchased your home below market value
- Or, if you have made recent improvements that increase the value of your home
Your lending institution will require a certified real estate appraisal. We can work with your lending institution and insure that the necessary paperwork is presented to help you save money and get your private mortgage insurance removed from your monthly payment.
Please call and talk to us today if you have questions or concerns about PMI Removal. We will be happy to help you. (402) 334-9224
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