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Private Mortgage Insurance (PMI) has been required on homes with an equity level of below 20%. This protects the lender from default by the borrower. PMI reduction of risk for the lender has been instrumental in allowing first time home buyers and others without the ability to scrape together a 20% down payment, the ability to finance a new home. However, if your mortgage balance vs appraised value is outside this range, you may be paying for this insurance unnecessarily. A current appraisal on your home may allow you to save money by no longer paying for mortgage insurance.
Keep You Appraised, LLC
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