P.M.I. is short for Private Mortgage Insurance. Most homeowners are paying this unneccessary extra fee per month. P.M.I occurs when the equity in your home is less than 20% of the overall value. Typically if a purchaser of a home puts down 10% then the equity in the home is usually 10% of the overall value. However, if this was done 5 years ago, then appreciation has occured, thereby increasing the equity in your house. For example, 5 years ago a couple bought a house for $400,000 in Great Neck, Ny 11021. They put $40,000 down at the time of purchase, which is 10%. Without making any other payments to this point it is possible to get rid of P.M.I. If an appraiser determines that their home is now worth $600,000, then their equity is $40,000 from their down payment plus $200,000 from appreciation. Their now have 40% equity in their home.
The key cog in this process is the appraisal. This is where I come in. An accurate appraisal will determine if you are a candidate for P.M.I. removal. If you are currently paying P.M.I. each month, give us a call at L Ellis Appraisals 917-837-2744. We cover all of Long Island, from Nassau to Suffolk, and we cover Queens, Kings, and the Bronx. Ask for Larry. We will walk you through the process, and through an appraisal determine if it is feasible.
L Ellis Appraisals can help If you need a Queens Real Estate Appraisal, Brooklyn Real estate appraisal, Nassau Real Estate Appraisal, Suffolk Real Estate Appraisal, Long Island Real Estate Appraisal, or Bronx Real Estate Appraisal