free Home Appraisal Services
How do I get a Free Home Appraisal from an appraiser with a license?
I am looking to remove PMI from my mortgage and my company is requiring me to get a current home appraisal from a licensed appraiser on the company’s letterhead. I would hate to shell out $400 for this service, so who can I call on to get an official appraisal for free? Thanks in advance for any help.
My current mortgage I got as a first time buyer at 5.02%. It is a great rate so it wouldn’t pay to refi at this point.
And yes I do have 24% equity in my home. I made an extra payment to specifically gain this equity and remove PMI but they still want the home appraisal. Looks like I am stuck having to get one.
You don’t. You pay for it, and it can be well worth the payment. It’s smart to act to remove PMI from your monthly payments, and smarter still is you use at least half of that money as extra principal payments to pay down your loan faster. You have PMI because you made a very low or 1 down payment and have little equity in your home. Most of your monthly payments are going to interest, taxes, insurance, and PMI, almost nothing for principal. Therefore, unless you have had your mortgage for years, or your home has increased in value–which right now homes are declining not increasing–it is unlikely you have now have a 20% equity in your home.
You can get free market analysis from local realtors, but the PMI company will require a paid appraisal to release you from PMI. Read your PMI contract, from all your mortgage papers at closing.
Check around, different appraisers have different rates, and as there is less business now with this horrible housing market, you may find a discounted amount. Be sure they are licensed, or meet whatever requirements your PMI has.
The Realities of Real Estate: Getting a signed contract is only the beginning
Whether you’re a buyer or a seller, there are two major milestones in a real estate transaction: getting a signed contract, and the process of making your way to settlement. Having a signed contract is no guarantee that the house is sold.
In a perfect world, you have to have willing buyer and a willing seller. Neither is under duress. free home appraisal services Both are in a position to maximize gain and are trying to do this. But in the real world, things are rarely that simple and equally balanced. free home appraisal services Which is why people feel differently about the appraisal value of a house.