If you’re like millions of homeowners in the United States, you pay monthly Private Mortgage Insurance in addition to your normal mortgage payment. The reason for PMI is that lenders believe homeowners with 20% equity in their home won’t default on their loan. So until a borrower reaches that magic number, the lender is allowed to charge PMI in order to protect their investment.

Legally, lenders are required to eliminate PMI as soon as a borrower’s equity reaches 22%, but you’re allowed to request PMI be removed when your equity reaches 20%. How do you know what your current equity is? A quick way to determine it is to compare the amount you owe to recent comparable sales in the area. But the only way to be certain is to obtain the opinion of an experienced, professional, licensed real estate appraiser.

As Certified New York State Real Estate Appraisers, we specialize in assisting clients with the removal of costly PMI from their mortgage payments. If you believe your home has increased enough in value that you exceed 20% equity, call us. We’ll make sure your lender will accept our appraisal then quickly and expertly determine the value of your home.