Ever feel like this is what your doing?

With PMI You Could be doing just this!!!

What is PMI and How to Get Rid of It!

Home buyers have recently been using little to no down payment. These transactions often require Private Mortgage Insurance or PMI. This policy protects the lender in case a borrower defaults on the loan, and the value of the house is lower than the balance on the loan.

$40-$50 per month for a $100,000 house is often rolled into the mortgage payment for PMI. You often pay the PMI even after your loan balance has dropped below the 80 percent threshold.

In 1999, the Homeowners Protection Act took effect and obligates lenders to terminate the PMI when the principal balance of the loan reaches 78 percent of the original loan amount.

So what does this have to do with Campfire Appraisals? 

You as savvy homeowners can get off the hook quicker than waiting for your Mortgage Company to do it. Most areas of Oklahoma have seen gains in the value of real estate over the past decade. These gains often lower the percentage you owe on the loan to less than 80 percent of the home's current value. In most cases as long as the home owner has been prompt on their loan payments and don't represent an exceptional risk, the lenders will agree to remove the extra fees for PMI.

The hardest thing for most home owners to know is just when does their home equity rise above this magical 20 percent point? That is why we are here to help. We know when property values have risen - or declined. We offer specific services to help customers find the value of their homes and remove PMI payments. Faced with this data, the mortgage company will most often eliminate the PMI with little trouble. The savings from dropping the PMI pays for the appraisal in a matter of months. At which time, the home owner can enjoy the savings from that point on.

For more information on PMI follow the link below.

More Info About PMI