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How do I place an order?
What is your turn around time?
Can I get a copy of an appraisal a lender ordered on my home?
What is PMI Insurance?
A) You can place an order by clicking here.
You can also call the office and request a fax
order form or fax your own order form to 405-799-0055.
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A) Turn around times will vary with the product, location and complexity. As
a general rule, 3 days in most areas for full appraisals once we get into
the property. If you need something sooner, let us know and we are happy to
accommodate your request.
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A) Under the Equal Credit Opportunity Act, your lender must provide you with
a copy of the appraisal report upon your written request. In the residential
appraisal process, the homeowner should understand that the appraiser's
client is not the homeowner, but rather the lender or financial institution
that hired the appraiser. The appraiser has no obligation to provide a copy
of the appraisal to the homeowner – even though they may be directly or
indirectly paying for the appraisal. The appraiser is bound to professional
standards and a code of ethics, which does not allow the appraiser to
release the appraisal to any other party other than the defined user
(client) of the appraisal.
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A) Private Mortgage Insurance (PMI) was introduced over
30 years ago in order to provide Lenders with insurance against default for
purchasers with a down payment of less than 20 percent. PMI Insurance is
collected through the Mortgage Payment to insure the Lender against default.
As a homeowner, once your equity level in your home reaches 20 percent you
have the right to have PMI Insurance eliminated. Information regarding your
PMI Insurance falls under the Homeowners Protection Act of 1998.
Eliminating PMI Insurance can save hundreds of dollars per year (typical
savings seen is between $40-$150 monthly, depending on your original loan
amount).
An increase in equity in your home would allow you to eliminate PMI
Insurance.
How would your equity position change in your home?
- If your loan is 6 months to two or more years old (depending on your
lender)
- If you have made improvements that increase the value of your home.
- If you have paid down a portion of your mortgage.
- Or, if you purchased your home for below market value.
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