Penser Appraisals

What Is Private Mortgage Insurance?

In recent years, it’s become more common to see Miami, FL homebuyers make down-payments of as little as 0%—which poses a great risk to lenders. To prevent potential losses that occur if borrowers default on their loans, lenders will typically require buyers to purchase Private Mortgage Insurance (PMI), which is simply added onto the normal mortgage payment, and thus often overlooked. PMI is expensive, and oftentimes, homeowners do not have all the information on their options for cancelling it. Based on their experience and expert knowledge of the local market, certified appraisers can help homeowners figure out the exact value of their homes to know whether they can cancel PMI for good.

PMI Information Every Homeowner Should Know

The Homeowners Protection Act, established in 1999, requires lenders to terminate homeowners’ PMI when the principal loan balance reaches 78 percent of the original amount. The law also stipulates that homeowners may request for their PMI to be cancelled when the principal balance reaches 80 percent. How can you know for certain exactly when you can request to have your PMI payment eliminated? Penser Appraisals has the ever-growing market knowledge to help you determine whether you’re free from PMI under this law.

An Experienced Appraiser Can Help You Get Rid of PMI

Trust Miami, FL’s premier real estate appraisal company to determine whether your PMI can be eliminated. Penser Appraisals is committed to providing knowledgeable, personalized service, guaranteed to satisfy!

What Is Private Mortgage Insurance?

PMI Information Every Homeowner Should Know

An Experienced Appraiser Can Help You Get Rid of PMI

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