TCO Appraisals Discusses Private Mortgage Insurance Removals and How They Help Save Money
Homeowners who have built up equity in their homes often seek ways of reducing monthly mortgage payments. Private mortgage insurance, or PMI, is sometimes required by many lenders, and this insurance can drive up the costs of a home loan. TCO Appraisals, a leading provider of property appraisal services in the San Diego County area of California, knows that to remove PMI from a property loan, homeowners can save money. “The process of removing PMI from a loan can take several steps,” says Todd Ortlieb, president of the appraisal firm. “Many lenders require a new property appraisal as consideration for canceling PMI.” A new appraisal helps homeowners gain leverage in the PMI cancellation negotiation process and shows that the home’s value or equity in the home has increased since the initial loan was made. To learn more about property appraisals for all aspects of the home loan process, visit www.sandiegoresidentialappraiser.com/mortgage-lending
Typically, a mortgage lender will agree to cancel a PMI policy once the homeowner reaches 20% equity in the home. In other words, paying down the mortgage to 80% of the home’s original appraised value makes many homeowners eligible for this policy cancellation. If and when the mortgage balance falls to 78% or below, the mortgage servicing company is required by law to eliminate PMI from the loan. In addition to getting a new residential property appraisal, homeowners can also refinance their homes; if the home’s value has increased enough to satisfy requirements, the new mortgage lender may not require a PMI policy. With the low interest rates currently available in the lending market, refinancing can save substantial amounts on a 15- or 30-year home loan. In most cases, refinancing a home can require a current property appraisal, and TCO has many years of experience working with property owners and mortgage lenders alike for new home loans, refinancing of properties, and PMI cancellations.
Serving property owners and investors throughout the communities of San Diego County, TCO Appraisals stands out as the leading provider of appraisal services. In addition to appraisals required for mortgages, the company also offers a wide variety of other appraisal services such as for bail bonds, estate planning, divorces, and tax appeals. The company believes in personalizing their services to the specific needs of each client, and their fast turnaround and competitive appraisal prices has made their services highly sought-after by homeowners in San Diego. For more information on the services the company provides to its many clients, visit www.sandiegoresidentialappraiser.com
About TCO Appraisals
For many years, the experts at TCO Appraisals have served property owners in San Diego County with the most accurate, the most objective, and the most customer-oriented residential property appraisals available. The company’s personalized service and reputation for quality have made them a trusted resource for fair and impartial property appraisals. Their services are available 24 hours a day, 7 days a week.
Todd Ortlieb, President
Address: 3017 Garboso Street, Carlsbad, California 92009, United States
Phone: (760) 889-8633