PMI Appraisal Services by DMA Appraisers

Private Mortgage Insurance or PMI is the supplemental insurance that is required for conventional loan borrowers who make a down payment of less than 20% on the purchase of their home.

For example, if you buy a home for $300,000, you will likely need a down payment of $60,000 to avoid paying PMI insurance.  PMI typically costs 0.1% -2% of your loan amount per year.  If you buy a $300,000 home, you could be paying somewhere between $1,500 – $3,000 per year in mortgage insurance.1 In this example, you’re likely looking at paying $125 – $250 per month.   You can typically request to stop paying PMI once you’ve reached 20% equity in your home.

Your lender may require a appraisal before removing the PMI.