Does a messy house effect the appraisal for PMI removal?
@powerrealtyadvisors Жыл бұрын
By the book, the answer is no, but in effect I think it could absolutely matter. Appraisers are in & out of houses all day, assigning values. You can imagine they would lean at least a little bit lower if the presentation (meaning cleanliness) is poor. Hope that helps!
@javiertorres9114 Жыл бұрын
@@powerrealtyadvisors thank you.
@ogeorgev Жыл бұрын
I've been trying to understand the LVT threshold, and this was by far the most helpful. Thank you so much!
@powerrealtyadvisors11 ай бұрын
My pleasure, glad it helped and sorry for my late response!
@NatesStudioDesk Жыл бұрын
What happens if your appraised value is lower? Would they re-adjust the LTV?
@powerrealtyadvisors11 ай бұрын
Interesting thought. That is a question I don't have the answer to from experience. But I can check into it. Given the last few years of equity gains it seems pretty unlikely, but I might be biased because my local market is bananas. To be clear, are we talking residential or commercial property?
@discoslimjim Жыл бұрын
Can’t emphasize this any more! We paid $500 for an appraisal to save around $25k removing PMI. A small bright spot in an otherwise tumultuous housing market.
@powerrealtyadvisors Жыл бұрын
Amen brother. A lot of people don't even realize it's an option!
@beto21fly5 ай бұрын
Would a monthly PMI ever lower? Example: You refinance to a lower interest rate but not hit that 20% just yet so the PMI is still there.
@ivankorth44582 ай бұрын
Is a Fanny Mae loan a conventional loan ?
@DeathsInverse8 ай бұрын
If I have the equity, can I refinance early (such as after one year of ownership) with a different lender to get rid of PMI?
@powerrealtyadvisors8 ай бұрын
Yes absolutely, that's often a top reason for a refinance. You'll be at the mercy of today's interest rates so sometimes it still doesn't make financial sense (even when eliminating PMI), but to answer your question, yes. You could always use the same lender too, if you wanted.
@itsjust._nalyn Жыл бұрын
Very helpful thank you so much!!!
@powerrealtyadvisors11 ай бұрын
I'm glad it was helpful!
@suvari225 Жыл бұрын
What happens in appraisal if the listed home improvement doesn’t have permit. Let’s say nothing major like structural changes, but some fixtures and plumbing work. Should you not list the improvement at all to keep it under the radar?
@powerrealtyadvisors11 ай бұрын
For the purposes of the appraisal to get out of PMI, I would list it. My answer would be different if you were selling the property. I'd recommend being very upfront to a potential buyer.
@adamzeineddine9720 Жыл бұрын
Great information!
@powerrealtyadvisors11 ай бұрын
Thank you! Your comment slipped through the cracks on me, so just wanted to say thanks!
@victorpaullara Жыл бұрын
thank you
@powerrealtyadvisors Жыл бұрын
Thanks for watching!
@Bri0ntop7 ай бұрын
What if I realized the home was appraised 20% higher than the loan was originally? I bought my home for 250k, and our home was appraised for 317k at time of purchase. Can I use that appraisal to ask for a removal, or do I still need a re-appraisal?
@KelgoranКүн бұрын
Depends on the type of a loan. With conventional loans, you have to wait 2 years before using an appraisal.
@leejeffers1240 Жыл бұрын
What happens if you are successful in getting PMI removed and sometime in the future the value of your property plunges because of changing market conditions? Can the lender re-instate PMI?
@powerrealtyadvisors11 ай бұрын
Nope they can't do that. They've already insulated their risk up to that 20% equity mark, that's plenty of cushion for them. If they could reinstate it, it would make the whole thing really arbitrary.
@powerrealtyadvisors11 ай бұрын
Good question though, I had never even really considered it!
@champion55954 Жыл бұрын
Does the New appraised value of the home get reported to respective county appraisal office where the property resides? if so, does this new value increase the property taxes in your mortgage?
@zachl6918 Жыл бұрын
No it does not, that appraisal is only specifically for the mortgage company.
@powerrealtyadvisors11 ай бұрын
He is correct here! And sorry for the delayed response. Tax assessed value is a process independent of this.
@yessicagamez320611 ай бұрын
My LTV currently at 74.42% of original loan amount, conventional loan. PMI $81.94/month, don't want to pay a $600 appraisal to remove pmi. Lender refuses to cancel pmi without an appraisal. The Homeowners Protection Act of 1998 calls for automatic removal at 78% LTV. Do I really need to pay for an appraisal even though my LTV is at 74.42?
@powerrealtyadvisors11 ай бұрын
Not if you're at 74.42%. You're beyond the threshold. Get something in writing from the lender because that should be removed!
@leejeffers1240 Жыл бұрын
I purchased my condo in New Hampshire in March 2021 with less than a 20% down payment hence I pay PMI. The property's appraised value at that time of the purchase was $222,000. Fast forward to June 2023 and condos in my complex are selling in the $289,000 to $295,000 range. Based upon this scenario, I have requested my lender consider dropping PMI. They have scheduled a property appraisal next week. The current balance on my conventional home loan is $208,000. I am crossing my fingers and toes that I can convince them to drop PMI.
@powerrealtyadvisors11 ай бұрын
Sorry I'm just responding to this now, but I figure it's worth asking how that PMI appraisal went! Thanks again for watching/commenting. Hope it was helpful.
@leejeffers124011 ай бұрын
Hello Craig. My situation worked out beautifully. My lender dropped my PMI requirement after the successful appraisal. Cost me $450 for the appraisal but PMI elimination saves me $87 per month. I am satisfied> @@powerrealtyadvisors
@2dhudson5 ай бұрын
Were you able to get it removed?
@leejeffers12405 ай бұрын
@@powerrealtyadvisors The lender had an appraisal conducted which cost me $450 but they did remove the PMI saving me $87 per month on my mortgage payment. The value of my condo keeps increasing. At the moment I could easily sell the place for $320,000. Thank you for posting your presentation and letting folks know that you can rid yourself of PMI.
@toddpeterson8653 Жыл бұрын
Can you get some of that PMI back?
@powerrealtyadvisors11 ай бұрын
The PMI already paid, no you cannot unfortunately. Unless there was some error made in your payment structure, which would be an issue to handle directly with your mortgage servicer.