Frequently Asked Questions
If you have a mortgage with a loan to value (LTV) ratio greater than 80% you are probably paying Premium Mortgage Insurance (PMI) along with your loans principle, interest, taces and homeowners insurance. The tax reapprasial could indicate that the value of your home has increased enough since you bought it to bring your LTV below 80%. Once your value has increased to a point where your mortgage principle is 80% or less of the homes apprased value or when you have paid your mortgage principle down to that level you should contact your mortgage company and request the PMI be dropped...thus saving you on your monthly mortgage payment.
This page contains information regarding different aspects of real estate. It was compiled by a real estate agent, NOT an attorney, CPA or tax specialist. Information is deemed reliable but is not guaranteed. You should always consult an attorney, tax professional or other appropriate professional before making decisions based on the content herin.