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 If you have a loan
where the lender required private mortgage insurance (PMI), I have
some good news for you. Several years ago the Congress passed a law
that requires lenders to allow you to remove this insurance once
your loan to value reaches 80%. Many lenders require a minimum of
two years before they will allow you to remove it. But in that two
years most markets in San Diego County will have increased
sufficiently that, along with your payments against the principal
balance, you can probably stop paying those premiums.
The steps to take are to contact your lender about their policy. If
you meet their criteria, give us a call and we can talk about
performing a valuation service to prove your current value. Some
lenders will allow a limited appraisal, known as a 2055 exterior
only appraisal. Some will take this for with an interior inspection.
Others want a full Uniform Appraisal (1004). Ask them about the
options when you get their criteria. The first option is the least
expensive, the last, the most comprehensive and time consuming, is
the most expensive, but your typical cost will be $325 or less.
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