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How to Eliminate PMI (Private Mortgage Insurance)
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The most important aspect of the appraisal is learning the estimated value of your home and understanding how that conclusion was reached. To properly complete an appraisal, Dunn & Company needs the most accurate information you can provide about your home. This information includes but is not limited to:
Ideally, we'd like to find a home exactly like yours right next door to yours that just sold. As you can imagine, this rarely happens. So what we do is compare your home to homes that are as similar as possible. Similarities include but are not limited to:
Questions? Click Here to Email Us, or call 888-682-1113 Is your house priced right? Click here for advise. Click here to view our fee schedule Comparables will indicate a value range. This value range is then narrowed to the final estimate of value based on sales prices in the area being stable, rising or falling. Also, how does your home compare to homes at the upper, lower or middle end of the price range. Dunn & Company will also estimate the cost to construct your home, (using your lot and the same materials present in your home). This cost to construct is based on residential cost handbooks and our knowledge of local building codes and labor rates. Ideally, the cost to construct should land within the value range indicated by neighboring sales. We don't ever compromise on quality and our solid experience helps protect you from selling too low or buying too high.
AppraisedValue.com and Dunn & Company, Real Estate Appraisers Note: The client for an appraisal can be a person or an institution. By law, Dunn & Company can discuss the particulars and outcome of the appraisal with the client only. If the appraisal was ordered by your bank/mortgage company then they are the client and "own" the appraisal. Under most consumer laws if you pay for the appraisal, you are entitled to a copy of the appraisal but must go through the loan officer at your bank/mortgage company. Any questions you have regarding the appraisal itself may be directed to your loan officer who will, in turn, contact the appraiser if further clarification is required. Questions? Click Here to Email Us, or call 888-682-1113 Is your house priced right? Click here for advise. Click here to view our fee schedule
PMI (Private Mortgage Insurance) for Homeowners… PMI is a necessity when purchasing a home with less than a 20% down payment. But with property values at the highest levels they have ever been at know is the best time to eliminate the additional expense from your mortgage and save yourself anywhere from $25.00 to $75.00 per month. Private Mortgage Insurance (PMI) protects your lender against any loss they incur, not you the homeowner. For example when you purchased your home if you put 5% of the purchase price as a down payment your lender would require PMI on the remaining 15% so that their top 15% of the loan would be protected in the case of a default. Eliminating your PMI Step 1 is to contact your lender immediately. They will generally give you some brief guidelines to start with and follow that up with paper work you'll need to process for them or they may ask you to send a letter to them request your PMI be removed in writing. Step 2 is to get an appraisal. Most lenders allow for you to select the appraiser, provided they are licensed by the State. You will not have to pay for an appraisal if you have paid down your mortgage balance to 80% of the original property value. If you can select your own appraiser and are located in Plymouth or Norfolk Counties, please call us at 888.682.1113 for an appointment today. Questions and Answers From the Office of Secretary of the Commonwealth - Citizens Information Service concerning the Federal Homeowners Protection Act of 1998 www.magnet.state.ma.us/sec/cis/ - click on their PMI sectionWhat is your Property Worth…. If you are unsure that your properties current value will be sufficient to eliminate the PMI from your loan check out these sites for immediate market information.
www.homegain.com HomeGain.com is a free of charge site which will provide an estimated value range for your property and Case Shiller Weiss, Inc is a company out of Cambridge, Mass used nationally by many lenders. They charge $35 for their service and will provide an estimated value and value range. These sites are provided to give you a good starting point if you are unsure of your value. I highly recommend that after using either or both of the sites to call us and get our opinion of what is happening in the market know, as many of these sites are using older data which may or may not give a proper estimate of value We're working in and around your Town on a regular basis and can offer much more current, accurate and personal service. Please call us with any questions about your property value and removing your PMI. Questions? Click Here to Email Us, or call 888-682-1113 Is your house priced right? Click here for advise. Click here to view our fee schedule Home | Lender Services | Homeowner Services | Appraisal Services & fees | Contact Us | Links | E-mail Us |
An appraisal may seem confusing but it needn't be. At Dunn & Company Real Estate Appraisers, we follow a set of federally accepted guidelines and practices known as USPAP, which govern the ethical and legal aspects of the appraisal reporting process.