Are you still paying private
mortgage insurance (PMI} premiums
every month with your mortgage payments even though your Texas
house has appreciated in value? Read the following from
appraisingtexas TM,
certified Texas real estate appraisers, and see if you might be
able to save $30, $60, or even $100 per month or more!
Home AppraisingTexas
TM
Real Estate Services and Online Total Solutions in Texas US > America USA the United
States of America USA.
A link is provided to Directory of
Local Texas
Locations and Appraising America Texas Administrative Offices.
Conventional Texas Home Loans Only. If you have a Texas FHA home loan, click
here for
HUD's Website.
Texas homeowners have been needlessly
paying private mortgage insurance (PMI) for years on their Texas home loans!
These are monthly charges included with your mortgage payments.
The Home Owner Protection Act, dated July
28, 1998, and effective July 29, 1999, requires an annual
notification of private mortgage insurance (PMI) removal. PMI is no longer necessary once homeowners have
20% equity in their house. Automatic notification of cancellation only
applies to loans originated after July 29, 1999. On home loans originated
before that date, the homeowners must request cancellation.
How much can I save on my Texas home
loan monthly payment?
Contact your lender for the exact amount.
PMI rates usually vary between $0.35 - $0.80 per $100 (depending upon your
loan amount).
|
Monthly PMI Cost to Texas Homeowners
|
|
Original Loan Amount |
5%
Down |
10%
Down |
15%
Down |
|
$100,000 |
$60 |
$40 |
$30 |
|
$150,000 |
$90 |
$60 |
$45 |
|
$200,000 |
$120 |
$80 |
$60 |
What do I need to do to drop private
mortgage insurance?
1. Contact your lender (bank,
mortgage company, credit union, loan servicing company, etc).
Verify that you are paying private mortgage insurance. Request they
remove it.
2.
If that doesn't work, go here:
Texas
Online Directory of Texas Central Appraisal Districts (Texas CAD)
Find your Texas property. If the CAD (Central Appraisal District) value
supports PMI removal, provide this to the mortgage company and request
they remove the PMI premiums.
3.
If that doesn't work, contact the local
Texas REALTOR with the most signs in your neighborhood. Negotiate a
fair price (usually $100 to $150) for a Broker's Opinion of Value.
Assuming this supports PMI removal, provide this to the mortgage company
and request they remove the PMI premiums.
4.
If that doesn't work, (and it should seldom
be necessary) contact us or another certified Texas appraiser to
provide you and the mortgage company with a certified Texas real estate
appraisal of your property.
Texas Private Mortgage Insurance Appraisal Forms and Fees |
Online Order of Texas PMI Appraisal
Get Lending Texas Mortgage Broker and Loan Officer Information
lendingtexas.com/mortgage_broker_and_loan_officer_information.html
-
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