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PMI Removal Information
Chase Appraisal Service

Is it time to remove your Private Mortgage Insurance?

Are you still paying PMI premiums with your mortgage payment every month? If you qualify for PMI removal you can save $50 to $100 or even more per month.

Homeowners everywhere have been paying PMI needlessly for years! PMI is an amount that is added onto your monthly mortgage payment.

The Home Owner Protection Act which became effective July 29, 1999 requires lenders to notify borrowers annually that they may qualify for PMI removal. Once a homeowner has 20% equity in their house PMI payments are no longer necessary. If you received your loan prior to July 29, 1999 you must request cancellation on your own.

How can I get my private mortgage insurance removed?

1. Contact your lender.
Confirm that you are paying PMI and ask what their requirements are to have it removed. Most lenders will require an appraisal by a state certified appraiser.

2. Contact an appraiser.
The appraiser must be state certified. Ask for a prescreen of your house's value before they come out to your house.

3. Send the appraisal report to your lender and once your PMI is removed you will start to reap the benefits of your monthly savings.

Contact David Chase at Chase Appraisal Service and I can assist you in removing PMI from your mortgage.


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