GE Consulting, LLC, Michigan, Appraisals, Motgage, Inspections, Wayne, Oakland, Macomb
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GE Consulting, LLC, Michigan, Appraisals, Motgage, Inspections, Wayne, Oakland, Macomb
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What is private mortgage insurance? (PMI)
Mortgage insurance is a type of insurance that helps protect lenders against losses due to foreclosure. This protection is provided by private mortgage insurance companies, and allows lenders to accept lower down payments than would normally be allowed. Premiums on a $200,000 loan can be $1,500 per year.

Can mortgage insurance coverage be canceled?
Mortgage insurance is maintained at the option of the current owner of the mortgage. In many cases, the lender will allow cancellation of mortgage insurance when the loan is paid down to 80% of the original property value.
If market conditions permit, GE Appraisal can provide you with an appraisal that would prove to your lender that your home has increased in value sufficiently to have PMI premiums removed. Contact us to find out how.

What improvements add value to my home?
Neighborhood value range, market conditions, size type and cost of a remodeling project all need to be considered before embarking on a costly upgrade to your home. An appraisal can help you decide which projects add market value to your home, and which would be considered an over improvement for your market area. Contact us for guidance on which improvements can provide the best cost/benefit ratio for your largest investment.

I want to sell my house, what price should I ask?
Set the price too high, and the house sits on the market, too low and you do not realize the full benefit of your investment. An appraisal can help you determine the most probable sale price relative to current market conditions. Our appraisal staff can discuss with you what improvements might help you sell your home faster. If you are selling FHA our appraiser can point out needed FHA repairs that can be handled before the sale, saving time during the mortgage process. Contact us for help in setting the sale price of your home.

Why should I buy, instead of rent?
A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are. When you find a home to purchase, G.E. Appraisal Service can help you determine the fair market value. You do not have to use your lenders appraiser.
GE Consulting, LLC, Michigan, Appraisals, Motgage, Inspections, Wayne, Oakland, Macomb
G.E. Appraisal Service, LLC | 586.201.1798 | Info | FHA Approved