My appraisal amount came back at exactly the amount I needed to remove my PMI, that’s the good news. Thanks for your help with this!
Certain home mortgages allow you to remove PMI, or private mortgage insurance, once you have at least 20% equity in the home. If you’ve met the required monthly PMI payments, there are a couple of ways you can work with the lender to cancel PMI. If your home has appreciated by at least 20% or once you have paid down the mortgage balance to 80% of the home’s original appraised value, you could be in a position to remove the PMI. When the balance drops to 78%, the mortgage servicer is required to eliminate PMI. We’re happy to provide you the information regarding your home’s current market value and help you determine if this is a possibility, it could save you a bundle.