Private Mortgage Insurance or PMI is the supplemental insurance that many lenders have to purchase when the amount being loaned is more than 80% of the value of the home (LTV loan to value). This additional payment is often folded into the monthly mortgage payment and is quickly forgotten. After a rise in values and/or payment to principal goes below this 80% level PMI is no longer required. United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met. An appraisal is required to determine the property's value. The costs of these services are recovered in just a few months of not paying the PMI. With the recent decline in home values, a current appraisal of your residence can free you from the PMI Insurance requirement, paying for itself quickly in the money you will save you money in your monthly mortgage payment.
Call us at 973-263-6421 or This email address is being protected from spambots. You need JavaScript enabled to view it. now for more information or to set up an appointment for an PMI Removal appraisal.
R.A.S. Associates, Inc.
P.O. Box 5064
Parsippany, NJ 07054
973-263-6421
Fax: 973-402-0586
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.