Remove PMI and Save: Expert Home Appraisals You Can Trust | Capital Valuations

Are you tired of paying Private Mortgage Insurance (PMI) on top of your mortgage? With a home appraisal, you can remove PMI and potentially save hundreds each month. PMI is typically required for homeowners who put down less than 20% on their home. However, as your home’s equity grows, you can remove PMI by proving to your lender that you have reached the 20% equity threshold.

Understanding PMI and Why It’s Required

Private Mortgage Insurance is an additional fee that protects lenders in case borrowers default on their loans. Typically, homeowners who put down less than 20% on their mortgage are required to pay PMI. The good news is that once you reach 20% equity in your home, you can remove PMI, reducing your monthly payments and saving money in the long run.

But to remove PMI, lenders usually require proof that your home has increased in value or that your loan balance has decreased to the point where you have at least 20% equity. This is where a home appraisal comes in.

The Importance of a Home Appraisal

A home appraisal provides an independent evaluation of your property’s market value. Lenders use this appraisal to determine if you’ve reached the 20% equity threshold necessary to remove PMI. Without this appraisal, lenders are unlikely to remove PMI, even if your home has increased in value.

An accurate home appraisal is essential. A well-done appraisal ensures that your home is correctly valued, giving you the best chance of removing PMI and saving money. We recommend hiring a professional and experienced appraiser who understands the local market to provide an accurate valuation of your home.

Cost of a Home Appraisal for PMI Removal

The cost of a home appraisal can vary, but typically it ranges from 400 to 700 dollars. The final cost depends on the size of your home, its location, and the type of appraisal needed. While this may seem like a significant expense upfront, removing PMI can save you thousands of dollars over the life of your mortgage.

For example, if you’re paying 150 dollars a month for PMI, you’re spending 1,800 dollars a year. By removing PMI, you can recover the cost of the appraisal in just a few months, making it a smart financial decision.

Home Equity Growth Explained

As your loan balance decreases and your property’s value increases, your home equity grows. By consistently paying down your mortgage and benefiting from appreciation in your property’s value, you can build equity faster.

This infographic demonstrates how home equity accumulates over time through mortgage payments and property appreciation. Understanding how equity grows can help you time your appraisal for PMI removal at the right moment.

When to Get a Home Appraisal for PMI Removal

You should consider getting a home appraisal when you believe you’ve reached 20% equity in your home. This can happen through paying down your mortgage or if your home’s value has increased due to favorable market conditions. If you’re unsure whether your home has reached 20% equity, a quick consultation with an appraiser can help you determine whether an appraisal is worthwhile.

Case Studies

Case Study 1: PMI Removal Success in Virginia Beach

John and Mary had been paying PMI on their Virginia Beach home for five years and wanted to reduce their monthly payments. After several mortgage payments and home improvements, they felt confident their home had gained enough value. Capital Valuations performed a thorough appraisal and confirmed that their home had appreciated significantly, allowing them to remove PMI. The process saved them over $1,500 annually in PMI costs. If you’re in Virginia Beach, our team can assist you too!

Case Study 2: Norfolk Homeowner Eliminates PMI

For Sarah in Norfolk, removing PMI was a priority to free up extra funds for home repairs. After scheduling an appraisal, Capital Valuations assessed her home’s current value and determined it had grown beyond the 20% equity threshold. With the appraisal report in hand, Sarah submitted it to her lender and was able to remove PMI, reducing her monthly mortgage by $70. If you’re looking for PMI removal in Norfolk, we can help you save too.

Case Study 3: Suffolk Appraisal Leads to PMI Removal

David and Lisa, Suffolk residents, were unaware of how much their home had appreciated. After talking with a lender, they learned that with a new appraisal, they might be able to remove PMI. Capital Valuations conducted a detailed property valuation, verifying that their equity surpassed the required amount. As a result, David and Lisa successfully removed PMI and are now saving nearly $800 a year. If you’re in Suffolk, we provide expert appraisals to support PMI removal requests.

Case Study 4: Portsmouth Homeowners Achieve PMI Removal

Amy and James in Portsmouth were nearing retirement and wanted to reduce unnecessary expenses, particularly the PMI they had been paying for years. They contacted Capital Valuations for a property appraisal, hoping to remove PMI and lower their monthly mortgage. After a detailed inspection and market analysis, our appraisal confirmed that they had reached the 20% equity mark. Thanks to the updated valuation, Amy and James successfully removed PMI and saved over $850 a year. If you’re in Portsmouth, contact us today for your appraisal.

PMI Removal Testimonials

Testimonial 1

“Capital Valuations was a game-changer for us. We had been paying PMI for years, but after their appraisal, we managed to remove it and save over $1,200 annually. The team was professional and easy to work with.” – Susan M., Virginia Beach

Testimonial 2

“I was unsure whether my home in Norfolk had gained enough value to remove PMI, but Capital Valuations gave me the confidence I needed. Their appraisal was spot on, and I’m now saving $75 every month!” – Michael L., Norfolk

Testimonial 3

“We needed an accurate home appraisal in Suffolk, and Capital Valuations delivered. The process was quick, and within weeks, we had removed PMI from our mortgage. Highly recommend them for any property appraisal services.” – David P., Suffolk

Testimonial 4

“Thanks to Capital Valuations, we managed to remove PMI on our Chesapeake home. The appraisal was thorough, and the team explained the process clearly. We’re now saving hundreds every year.” – Robert H., Chesapeake

Testimonial 5

“I was referred to Capital Valuations by a friend for a PMI removal appraisal. I’m so glad I contacted them! They confirmed that my Newport News home had enough equity, and I was able to get rid of PMI easily.” – Janet W., Newport News

Testimonial 6

“I didn’t think it would be possible to remove PMI so soon, but Capital Valuations proved me wrong! Their appraisal helped us save a substantial amount on our Hampton home mortgage.” – Daniel K., Hampton

Conclusion: Remove PMI and Save

Removing PMI is a smart financial move for homeowners. It reduces your monthly payments and helps you build equity faster. By getting a home appraisal, you can prove to your lender that your home has increased in value, making you eligible to remove PMI. The cost of the appraisal is often outweighed by the long-term savings.

At Capital Valuations, we offer professional home appraisals for PMI removal. We serve homeowners in Virginia Beach, Norfolk, Suffolk, Portsmouth, and other areas across Hampton Roads. Contact us today to schedule your home appraisal and start saving!

For more information on PMI and home equity, check out these useful resources:

• Investopedia: Private Mortgage Insurance (PMI)
• Federal Housing Finance Agency: Homeownership Rates and Equity Growth