PMI Removal Appraisal

Independent Real Estate Appraisers

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Providing Fast, Accurate & Affordable Real Estate Appraisal Services in Austin, TX Since 2005.

Austin PMI Removal Appraisals

Does your monthly mortgage payment include a PMI charge? Private Mortgage Insurance, sometimes called Mortgage Insurance Protection, is assessed on homeowners that have less that 20% (some lenders require 25%) equity in their home. By law, mortgage lenders are required to allow you to remove PMI once you reach the required equity. In other words, the principal balance of your loan needs to be at or below 80% of the original loan amount. Alternatively, if the appraised value of your home is 20% or more of your balance then you qualify for having your PMI removed or deleted from your monthly mortgage payment. Hire a local Austin Appraiser to help you lower your PMI today! Our private mortgage insurance removal appraisal will be all the evidence your lender needs to delete PMI from your mortgage payment.

Since Austin home values have been steadily on the rise, it may be a good idea to contact your lender and see if you are indeed paying PMI. If so, it may be time to evaluate what your home is currently worth as compared to what you currently owe. After all…

The additional cost of PMI to a $300,000 mortgage can be from $100 to $160 per MONTH!

What Needs to be Done to Remove Your Loan PMI?

First, contact your lender and verify that you are paying a mortgage insurance premium. (Once you reach 22% equity the lender SHOULD automatically remove the PMI) You’ll also need to get the exact outstanding balance on your mortgage loan. If you feel that your home’s value has gone up enough to reach the 80% mark, then you’ll need to talk to your lender about the steps involved in having an appraisal performed for PMI removal. Be sure to ask if you can hire your own appraiser or if you must go through an appraiser selected by the bank. If you can use your own, then give us a call!

Fast & Accurate Real Estate Valuations

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512-900-7929

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CUSTOMER REVIEWS OF OUR

Austin Property Appraisal Company

We stand behind our work and our customers have nothing but great things to say. Here are a few examples:

Real Estate Appraisals Austin

4.8

Based on 45 reviews

Ed came out on short notice to measure a new home I was in the process of purchasing. He was professional and honest in his work. I found him online and it was not through my lender. I wanted an independent appraiser since the lender was connected to my builder. Definitely will use him again if I ever needed to. I was a first time home buyer and he was fair to me and helpful. Thank Ed!

Jennifer Nguyen

The realtor that came out was very professional and thorough. I would recommend this service.

Nancy Crow

This company is contracted to my mortgage company for market appraisals to remove PMI. They contacted me right away and had the whole thing turned around in less than a week. Appreciate the speed and the quality of the service and would definitely recommend.

Jeanna Kozak

I was able to schedule an appraisal just two days after contacting the company. Likely this was a fluke, but it worked well for me! Our appraiser was a bit late, but that was the fault of the previous appointment. Once he arrived, he listened to everything we pointed out. Our appraisal was fair for our neighborhood we thought and the report arrived about 8 days after the appointment. We are happy and will recommend Real Estate Appraisals Austin to any others we know.

Leah L

We used Real Estate Appraisals Austin and found them to be very professional, accommodating and efficient. Their work product was thorough and very well presented. We would definitely recommend them and would use them again.

Calvin Porter

I recently had a rental appraisal of my property. The appraiser showed up on time and did a thorough analysis. The report took a week, but it was very thorough. I am very happy with the appraiser and the report.

Karthik Manamcheri

We recently used Real Estate Appraisals Austin to appraise a property we have owned over 15 years and have had multiple offers to sell. Michelle was very helpful and professional in coordinating with our property manager. She responds very quickly to calls or emails. Edward did a thorough appraisal and took the time to call and discuss details. I definitely would recommend this company to anyone considering an appraisal in Austin. The price was very reasonable, I felt, for the value we received.

Lorrie Coles

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FAQ About Our Austin Real Estate Appraisal Services

What’s the difference between a private use form and a Fannie Mae 1004 report?

A FNMA URAR form report has many items needed for the secondary mortgage lending market that are not necessarily called for in a simple appraisal to find the market value. The most fundamental way to determine appraised value is to compare the Subject property to recently purchased homes in a given community. The bank mandated 1004 form comes with additional requirements to satisfy bank security which is not necessary data for a private appraisal customer. Census data and smsa details are a few prime examples of arbitrary data that only exist to help the bank in categorizing their loans. Our general purpose form reports are especially well suited for helping a seller to list a property for sale, a homebuyer to decide a reasonable offer or pay for a house, for estate taxes, gift tax, tax protest, uncontested divorce & most any other possible use other than for getting a mortgage or in legal issues where the report will be used along with expert testimony.

What steps will the appraiser take when appraising my property?

Usually, the appraiser needs to log the condition of the home, both internal and external, from the floorplan and options to level of remodeling including any updates as well as the total build quality. Real property comprises the actual land and appurtenances affixed to the land such as a underground pools, storage buildings, boat docks, and outdoor kitchens. (MLS) Multiple listing service, local tax records, google maps, and other web based information systems help to support an appraiser during the process of determining value. Only by measuring the exterior of the home is the appraiser able to determine the gross living area of a property. It’s crucial that the appraiser measures precisely and removes any non-living areas to ensure that the gross living area is accurate.

What if a house appraises above the sales price?

A mortgage company’s Loan To Value (LTV) is calculated by the LESSOR of the sales price or the appraisal value. that means if the appraisal report comes in the same as, or above the sales price then all is perfect and the purchase price then establishes the Loan-to-Value. The good news is that you suddenly have preexisting equity in the home. It’s also worth stating that the sellers do not receive a copy of appraisal so they are unaware that the sales price estimate came higher, but even if they did become aware they are unable to raise the sales price since the signed contract already notes the terms.

What does the term market value mean in an appraisal?

Austin Neighborhoods We Appraise

We provide real estate appraisals and related services to the following cities, towns and communities across the Austin metro area. We cover a large portion of Central Texas - if you don't see your area below, please call to confirm with one of our friendly staff.

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