About PMI

If you put down less than 20% when you purchased your home, then your lender also required that you pay for and carry Private Mortgage Insurance (PMI) that protects the lender, not you. That means that you are spending your money to protect the lender, but the insurance will not benefit you in any way. You will continue to pay for this insurance unless you ask that it be cancelled. You can ask the lender to drop this unnecessary insurance once your loan amount reaches 80% or less of the value of your home. This is possible if you have paid down your loan or if your home has appreciated in value since its purchase. The second option is more common and requires an appraisal of your home. Do you know how much your home has gone up in value? Before you spend the money for a formal appraisal, call or e-mail me for a free comparative market analysis that will tell you if you may be able to eliminate your PMI. I look forward to hearing from you!