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Stop
Paying PMI!
read
the 1998 PMI bill
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Over
50% of all mortgage loans have mortgage insurance (PMI).
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Federal
law requires lenders to allow you to drop pmi once you
have 20% equity in your home.
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To
eliminate private mortgage insurance you will need an appraisal
by a state certified appraiser. Any improvements you
have made since purchasing your home should be reflected
in the report.
Wessel
Associates, Ltd. is a residential/commercial appraisal firm.
We have prepared over 10,000 appraisal reports in Cook/Du Page
counties and the surrounding suburbs. We may be able to help
you reduce your mortgage payment. Call us!
(708)
352-2990
If
you are not located near Chicago we can refer you to an appraiser
in your area.
Common
Questions
What
is the cost of an appraisal?
Appraisal
fees fluctuate. A typical residential appraisal may cost $300
- $400. Visit our fee
page for prices.
How
much can I save?
Contact
your lender for the specific amount. PMI rates typically vary
between $0.35 - $0.80 per $100 (based upon your loan amount
and amount of down payment). The table below has several examples.
| Original
Loan Amount |
5%
Down |
10%
Down |
15%
Down |
| $100,000 |
$60.00 |
$40.00 |
$30.00 |
| $150,000 |
$90.00 |
$60.00 |
$45.00 |
| $200,000 |
$120.00 |
$80.00 |
$60.00 |
Note:
These are monthly costs!
What
do I need to do to drop my mortgage insurance?
1.
Contact your lender. Verify that you are paying mortgage insurance.
Confirm that you qualify for pmi removal. Get their specific
requirements for exactly what you need and where to send the
information. Most will require an appraisal by a state certified
appraiser.
2.
Contact an appraiser. Verify they are state certified.
3.
Send the report to your lender.
4.
Enjoy your lower house payment.
It's
that easy!
APPRAISAL
ORDER FORM
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