Private mortgage insurance (PMI) protects the lender, but the monthly premium is paid by the homeowner. Once sufficient equity has been established, many homeowners explore whether PMI can be removed. Appraisal Services of Oregon gives homeowners the independent, documented value that supports a PMI removal request, so the conversation with your servicer starts from evidence.
Paying PMI?
A PMI removal appraisal documents the current market value that a removal request stands on.
Home equity grows through loan paydown and market appreciation, and a documented value turns that growth into evidence. Your loan servicer owns the removal rules, the thresholds, and the decision. Many homeowners order an independent value first to learn their position before starting the process. The fee follows the property, quoted in one short call. Appraisal Services of Oregon supplies the evidence; your equity supplies the argument.
Definition
A PMI removal appraisal is an independent, USPAP compliant opinion of a home’s current market value, prepared to support a request to remove private mortgage insurance.
Equity
Home equity grows two ways, and an appraisal is how the second one gets counted. Every payment reduces the loan; every year of market movement changes what the home is worth. The loan balance sits in your statements already. The current value is documented through an independent appraisal, which may serve as an important part of a PMI removal request, depending on your loan servicer’s requirements.
The Servicer
Your loan servicer owns the PMI removal rules: the equity requirement, the process, and whether an appraisal is ordered through them or accepted from you. Requirements differ between loans and servicers, and the honest first step is asking yours what the removal request needs. We deliver the valuation the request calls for, in whichever form your situation allows.
Know First
Many homeowners order an independent value before approaching the servicer, to learn their equity position while it costs nothing but the appraisal. Servicer processes carry their own fees and steps, and starting them on a guess wastes both.
A documented value first tells you where you stand, and the request goes in with evidence or waits until the evidence is there.
From a Recent PMI Removal Assignment
Many homeowners contact us after noticing significant appreciation in their neighborhood or after making improvements to their home. An independent appraisal provides an objective opinion of current market value, allowing the homeowner to better understand their equity position before contacting the loan servicer regarding PMI removal.
Who It Serves
Three homeowner situations bring PMI removal work to our desk:
How It Works
Contact your loan servicer to understand their PMI removal requirements, then call us at 503-757-7100 to discuss your property and whether an independent appraisal is appropriate for your situation.
One appointment plus the comparable research, prepared under our standard appraisal process.
You’ll receive a clear, USPAP-compliant report documenting your home’s current market value for the intended use discussed at engagement.
The Fee
A PMI removal appraisal is quoted per home, and the quote follows the work. Six factors set it:
One short call quotes your home accurately.
Coverage
FAQ
Your servicer decides, and many direct the appraisal order themselves. Some accept borrower-arranged valuations and some require their own process, so asking your servicer first is the honest step one. Whichever path your loan takes, the consultation sorts where our valuation fits.
Your servicer states the equity requirement for your loan, and an independent value shows where you stand against it. Ordering the value first turns the question from a guess into a number, before any servicer fees or paperwork begin.
No, the removal decision belongs to your servicer under the terms of your loan. The appraisal supplies the evidence of value; the servicer runs the rules. Strong evidence makes the request stronger, and the servicer makes the call.
Improvements can raise market value, and the appraisal documents the value they created. Whether your servicer counts improvement-driven value in a removal request is a rule your servicer holds; our report makes the change visible either way.
The professional standard is identical, and the assignment is different. The purchase appraisal served the lender’s loan decision on that date. A PMI removal appraisal documents current value for a different intended use, named in the report at engagement.
The report serves the intended use named at engagement, and other needs get scoped in the same call. A value ordered for a PMI request carries that purpose; when a refinance, a sale, or another need sits behind the question, telling us up front shapes the right assignment the first time.
Improvements that increase market value may improve your equity position, but whether those improvements qualify toward PMI removal depends on your loan servicer’s requirements. An appraisal documents the market’s reaction to the improvements; the loan servicer determines whether your loan qualifies for PMI removal under its requirements.
