These days, there are more options when it comes to financing the purchase of a home. Putting less money down is one of them. The benefit to less money down is keeping more money in your pocket, however this means more risk for the lender. In order to mitigate that risk, the lender requires Private Mortgage Insurance (PMI) which is a monthly fee added on to your mortgage payment. Once you have acquired enough equity in the home, you can hire a NJ appraiser for PMI removal. An appraiser is needed to provide appropriate documentation for the fair market valuation.
There are different types of loans, some of which the buyer can put down as little as 3%. PMI will certainly be required and can be removed when the equity in your home exceeds 20%. PMI payments can typically be $150-$450 per month. Since a significant portion of your mortgage payment is typically interest already, it is especially beneficial to remove the PMI payment as soon as you can. How can you remove PMI from your monthly payment?
The best way for an appraiser to develop the fair market value of your home is using the sales comparison approach. In this approach, an appraiser inspects your home on both the interior and exterior to gather information. Then the appraiser researches the member only Multiple Listing Service (MLS) to find comparable sales. Once the best comparable sales are selected, the appraiser will make adjustments based on the differences between your home and the similar comparable sales. Finally, the appraiser will reconcile the fair market value using the adjusted prices from the comparable sales.
When you inquire about PMI removal with your lender, make sure the mortgage payments are up to date or they will deny you the opportunity to remove it. PMI payments do not get applied to your equity, therefore you want to remove this expense as soon as possible.
The fastest way you can increase the value of your home is by making significant improvements to it, however this costs money. If you don’t have the money to make improvements, it is a good idea to keep an eye on the market to see if it is appreciating as you make your mortgage payments and increase your equity over time.
Most often for a purchase of a home, a bank or lender will use an appraiser from their approved list. In the case of PMI removal, the bank or lender will typically allow the homeowner to select the appraiser. However, it is always best to use a certified licensed NJ appraiser.
For the most accurate opinion of value, hire a certified licensed NJ appraiser for PMI removal and call American Realty Appraisals to help you out.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result