P.M.I. Removal Appraisals

Is it time to reward yourself for paying down principle on your mortgage, or increasing your home’s value with some improvements? If you were not able to put down 20% on your mortgage purchase, it may be time to consider having your PMI removed. In most cases, this will require an appraisal report showing the current market value to your lender that will indicate the value of your home now has equity greater than the 20% required to avoid PMI.

Paying PMI provides no benefits to you as you cannot use the payment as a benefit, similar to paying principle and interest. It was very helpful to get into your home for less than the 20% down payment. But now values may have increased for your home.

North Atlantic can provide an appraisal report which ideally will reflect those increased values and allow you to take advantage of the equity that has occurred since your purchase.

Have you built an addition to your home, finished the basement, or updated items throughout the home to improve its quality or condition? These steps likely could increase the value of your home to a high enough equity position to have PMI removed.

PMI removal is something that you, the homeowner, has to initiate. Contact your lender to find out the steps needed to have PMI removed. If you are instructed to contact an appraiser to provide a market value for your home, we are happy to help. Just call us at 508.559.0444 or email us at office@naacc.com; we can discuss the process with you and get you started on the path of rewarding your hard work!.