Removing Private Mortgage Insurance (PMI) with an Appraisal
Private Mortgage Insurance (PMI) protects lenders when your down payment is under 20%. PMI increases your monthly payment—an unnecessary expense once you build sufficient equity. Go2Appraiser specializes in USPAP-compliant appraisals that document your home’s current value and simplify PMI removal.
What Is PMI?
PMI is required by most lenders for loans with a loan-to-value (LTV) above 80%. It typically costs 0.3–1.5% of the original loan amount annually. Learn about federal PMI protections in the Homeowners Protection Act.
When Can You Remove PMI?
- Automatic Termination: LTV reaches 78% under federal law (HPA Sec. 404).
- Borrower Request: LTV drops to 80% — you may request cancellation in writing.
- Home Value Increase: An updated appraisal shows appreciation, lowering your LTV.
- Refinancing: Refinancing to a loan with LTV ≤80% eliminates PMI.
How an Appraisal Helps
An updated appraisal provides a current market value to prove increased home equity. Present a Go2Appraiser USPAP-compliant report to your mortgage servicer to support your PMI removal request. We manage the process end to end, adhering to lender and federal guidelines.
Steps to a PMI Removal Appraisal
- Verify LTV: Check your mortgage statement or amortization schedule.
- Schedule Inspection: Contact Go2Appraiser to arrange your appraisal appointment.
- Property Inspection: Our appraiser inspects, photographs, and measures your home.
- Report Delivery: Receive a detailed USPAP-compliant report for your lender.
- Submit Request: Send the appraisal with a formal PMI cancellation request.
Why Choose Go2Appraiser?
- 25+ years of appraisal experience across Northwest Georgia
- Over 5,000 USPAP-compliant reports delivered since 2000
- Dedicated to precision, transparency, and lender-ready documentation
- Read client reviews on Google Business
Ready to remove PMI? Contact Go2Appraiser to schedule your appraisal today.