Private Mortgage Insurance or PMI is the supplemental insurance that many SC and NC lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan – whether through market appreciation or principal paydown – dips below this 80% level. In fact, the 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.
At For What It’s Worth Appraisals, our home appraisers offer a specific service for South Carolina and North Carolina homeowners that believe they have met the 80% loan-to-value metric. For a nominal fee, our appraisers can provide you with a statement regarding the home value. We can even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.
Home and Commercial Appraisals in SC and NC
Call for Home and Commercial Appraisals: 843-808-1533