PMI Removal

Private mortgage insurance (PMI) protects the lender or investor against loss, not the home owner. If you pay 5% down, the PMI Company will insure, or guarantee, the top 10% of the loan. If you go into default, they will reimburse the lender.

• Typically PMI is required for a sale if there is less than a 20% down payment.
• Not all lenders require PMI, even for low down payment loans.
• PMI protects the lender, not the consumer.
• PMI costs vary but are usually 0.5% of the loan amount for the first year of the loan, with lower payments in later years.
• PMI is collected by the loan servicer, and sent to the PMI company.
• PMI removal is based on both the payment history and the value of the collateral (house).
• Early cancellation PMI removal requirements vary considerably among lenders.
• There are only four companies that offer PMI
• The loan to value ratio (LTV) on your loan is 80% or less. Some require 75% or another LTV.
• You have made your payments on time for two years.

First - Contact your lender.
Your first step is to contact your lender (the company you send your payments to). Contact information should be on your payment stub or invoice. Lender requirements vary widely on LTV, etc.

Second - Get an appraisal.
Your lender will tell you which appraiser you can use. Sometimes you can select your own appraiser at other times the choice is made by the lender. Note: You do not need an appraisal if you have paid off at least 20% of your original loan amount.

What I do...

Serving the areas appraisal needs for over 12 years!

Estate Appraisals

I perform appraisal for executors of estates to establish the value of real property as of the date of demise of the owner. These appraisals are usually required for IRS tax purposes and to establish the property’s estimated market value for the heirs. Check with your CPA to determine if an appraisal is needed for the estate.

Individuals

Thinking about selling your property or buying property? Why not have a professional, unbiased appraisal performed to determine the market value of the subject property. I do not list or sell houses, appraisals is my only business. I can recommend repairs and provide other useful advice to help you make your home more attractive to the market. I will be glad to recommend several real estate sales agents for your consideration when selling or buying a home.

If you are selling your house, an asking price that is too high will deter potential buyers. Too low of a price will lead to a quick sale but an unwise financial decision.

When buying property an appraisal is a very useful tool when negotiating the best price to pay for the property. Call today for an appointment 734-834-1943.

ERC – Relocation Appraisals

I understand the special needs of relocation appraisals and take time to make your clients feel comfortable and confident during this stressful time. The appraisal process is accomplished without compromising my responsibility to our client, the relocation company. My goal is to provide a fair and accurate assessment of the subject property to minimize the cost of the relocation. I have consistently earned me high marks from relocation companies for meeting all time frames, treatment of the transferee, willingness to discuss the appraisal with a reviewer, and of course the accuracy of anticipated sales price.

Divorce

Oakbrook Appraisals understands the needs of attorneys and their clients during an equitable distribution case. Kevin is qualified as an expert witness and has testified in Washtenaw County court.