PMI REMOVAL APPRAISERS IN HOUSTON
Private Mortgage Insurance Deletion Appraisal in Houston Texas
Private mortgage insurance, or PMI, is a premium charged by lenders on most loans with an Loan to Value (LTV) ratio greater than 75%. By law, your lender must remove mortgage insurance from your loan once you reach the required LTV. This means that once you've gained 25% equity (sometimes 20%) in your home, you are eligible to delete PMI.
There are two ways to prove to a lender the amount of equity in your home: 1. pay down your loan until your LTV meets requirements, 2. get an appraisal that shows the value of your home has increased enough to meet the LTV requirements. Option 1 is easy - you just pay the loan down. Option 2 requires that you present a recently completed appraisal report to the lender that indicates that the value of your home meets equity requirements. This will qualify you for PMI removal from your monthly mortgage payment.
To get started you'll need to contact your lender and get the precise requirements for removing mortgage insurance from your loan. This will vary from lender to lender; some having very strict guidelines while others very relaxed.
Some questions to ask your lender about PMI removal:
- What value does my home need to appraise at to remove PMI?
- Can I order the home appraisal or does the lender need to order it?
- What are the required forms to be used in the report?
Hopefully your lender will allow you to engage an appraiser yourself. If so, the real estate appraisers at Houston Appraisal Company will be happy to assist you. We've been providing residential and commercial appraisal services in the Houston market area for over a decade. Our appraisers specialize in deliver fast, accurate and affordable appraisal reports that you can rely on.
To get started, complete the appraisal request form found here. If you'd like to get a quote first then please complete the quote form on this page. One of our staff will contact you shortly to discuss the details of your appraisal.
RESIDENTIAL APPRAISAL SERVICES
COMMERCIAL APPRAISAL SERVICES
WHAT'S THE APPRAISAL PROCESS?
FREQUENTLY ASKED QUESTIONS
What does a home appraiser look for?
Most often appraisers will gather as much information as possible on size, quality, and condition of the exterior before entering the home. Permanent fixtures, such as granite counter tops, hardwood floors, sinks, lighting, and plumbing are given more weight in an appraisal due to them being fixed to the property. If you have a list of recent updates or a recent home inspection report, this information will help to assist the appraiser throughout the valuation and comparison process. Non-living areas, such as garages or covered porches, aren’t included in GLA, but are accounted for and considered in value separately.
What improvements add the most value to my home?
Just how much any particular individual improvement might add to your home’s market value, what appraisers typically call the contributory value, can often vary widely from market to market, dictated by the wants and needs of each neighborhood. It’s best to reach out to a local real estate appraiser if you have questions about upgrades that would suit your neighborhood and lend the most effective improvement in value.
How long should an appraiser take when inspecting a property?
The physical inspection of the real property being appraised can take from approximately fifteen minutes to several hours, depending upon the size and complexity of the property.The appraisal report is usually written at the appraiser’s office after all field work has taken place.A narrative report is the most detailed report available and is commonly used by lenders or clients who want or need a great deal of information in an appraisal, while a short form is the exact opposite and is provided to clients who need very little information and just interested in the property value.A short form report usually takes between three to six hours to complete.A narrative report is known to be the most complex and can take the longest to execute.
REAL PROPERTY APPRAISALS THROUGHOUT HOUSTON
Alvin, Atascocita, Bacliff, Baytown, Beach City, Bellaire, Brookshire, Channelview, Clear Lake, Conroe, Crosby, Cut and Shoot, Cypress, Deer Park, Dickinson, Friendswood, Fresno, Fulshear, Galena Park, Galveston, Highlands, Hockley, Houston, Huffman, Humble, Jersey Village, Katy, Kemah, Kingwood, La Porte, League City, Magnolia, Manvel, Missouri City, Mont Belvieu, Montgomery, New Caney, Oak Ridge North, Pasadena, Pearland, Pinehurst, Porter, Richmond, Roman Forest, Rosenberg, Rosharon, Santa Fe, Seabrook, Shenandoah, South Houston, Splendora, Spring, Stafford, Sugar Land, Texas City, The Woodlands, Tomball, Webster, West University Place
HOME VALUES IN THESE HOUSTON AREA NEIGHBORHOODS
Acres Homes, Alden Bridge, Alief, Allendale, Astrodome, Belle Court, Binz, Braeburn, Braesview Terrace, Braeswood Place, Briar Forest, Briar Meadow, Central Southwest, Clear Lake, Clinton Park, Cochran's Crossing`, College Court Place, College Park, Colonial Terrace, Creekside Park, Cunningham Terrace, Dorado, Downtown, East End, East Houston, East Little York, Eastwood, Edgebrook, Eldridge, Fairbanks, Fifth Ward, Fondren Gardens, Fondren Park, Fondren Southwest, Fonmeadow, Forth Ward, Garden Oaks, George Bush International Airport, Golfcrest, Greater Heights, Greater Hobby, Greater Inwood, Greenspoint, Grogan's Mill, Gulfgate, Gulfton, Harrisburg, Herman Park, Hidden Valley, Houston Heights, Huntwood, Independence Heights, Jensen, Kashmere Gardens, Langwood, Lazy Brook, Macgregor, Magnolia Park, Medical Center, Memorial, Memorial Park, Midtown, Minnetex, Monticello, Montrose, Museum District, Myerland, Neartown, North Shore, Northside, Northside Village, Panther Creek, Park Place, Park Ten, Pecan Park, Pemberton, Pleasantville, Port Houston, Research Forest, Rice Court, Rice Village, Richmond Plaza, River Oaks, Second Ward, Settegast, Sharpstown, South Acres, South Main, South Main Gardens, South Park, South Union, Southbelt, Spring, Spring Branch, Spring Branch Central, Spring Branch East, Spring Branch West, Spring Shadows, Sterling Ridge, Sunnyside, Sunset Terrace, The Villages, Third Ward, Trinity, University Place, Upper Kirby, Uptown, Virginia Court, Washington Ave., Wayside, West University Place, Westbury, Westchase, Westwood, Willow Bend
APPRAISING PROPERTIES IN THESE ZIP CODES
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