Have equity in your home? Want a lower payment? An appraisal from Fusion Enterprises LLC can help you get rid of your PMI.It's largely inferred that a 20% down payment is accepted when purchasing a home. The lender's risk is often only the difference between the home value and the amount due on the loan, so the 20% supplies a nice buffer against the expenses of foreclosure, reselling the home, and regular value fluctuations in the event a purchaser defaults. The market was accepting down payments down to 10, 5 and even 0 percent during the mortgage boom of the mid 2000s. A lender is able to manage the increased risk of the low down payment with Private Mortgage Insurance or PMI. This supplementary plan takes care of the lender if a borrower defaults on the loan and the market price of the home is lower than what is owed on the loan. PMI can be costly to a borrower in that the $40-$50 a month per $100,000 borrowed is rolled into the mortgage payment and oftentimes isn't even tax deductible. Different from a piggyback loan where the lender absorbs all the costs, PMI is favorable for the lender because they secure the money, and they get paid if the borrower defaults. 
Does your monthly mortgage payment include PMI? Contact us, you may be able to save money by removing your PMI. How can buyers refrain from bearing the expense of PMI?The Homeowners Protection Act of 1998 requires the lenders on nearly all loans to automatically cancel the PMI when the principal balance of the loan equals 78 percent of the primary loan amount. The law designates that, at the request of the homeowner, the PMI must be abandoned when the principal amount equals just 80 percent. So, smart homeowners can get off the hook a little earlier. It can take countless years to reach the point where the principal is just 20% of the initial loan amount, so it's necessary to know how your home has increased in value. After all, any appreciation you've acquired over time counts towards dismissing PMI. So why pay it after your loan balance has dropped below the 80% threshold? Your neighborhood might not be following the national trends and/or your home may have gained equity before things cooled off, so even when nationwide trends forecast falling home values, you should understand that real estate is local. The difficult thing for almost all homeowners to know is just when their home's equity goes over the 20% point. An accredited, licensed real estate appraiser can definitely help. It's an appraiser's job to know the market dynamics of their area. At Fusion Enterprises LLC, we know when property values have risen or declined. We're masters at pinpointing value trends in Kennesaw, Cobb County and surrounding areas. When faced with information from an appraiser, the mortgage company will usually remove the PMI with little anxiety. At which time, the homeowner can relish the savings from that point on.
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