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America's Real Estate Experts, is your local near me Northwest, Indiana and surrounding areas, What's My Property Worth Real Estate Brokerage. If your down-payment was less than 20% when you bought your house, and you used a conventional loan, the lender probably required you to purchase private mortgage insurance(PMI). PMI protects the lender if you default on your mortgage and the home goes into foreclosure. PMI usually costs about 0.5% to 1.5% of the loan amount annually. For example, on a $200,000 mortgage, your PMI would be about $1,000 to $3,000 per year. The cost is typically split up and added to your monthly mortgage payment, along with the principal, interest, and property taxes. However, as  soon as the principal balance hits 80% of the original loan amount (when you have built up 20% equity), you have the right to request a PMI check. When the principal balance reaches 78% of the original loan amount, the lender is required to terminate PMI automatically, according to the Consumer Financial Protection Bureau (CFPB). You may be able to get PMI canceled with equity appreciation even earlier, but you’ll likely have to provide evidence of your home’s current value. A home appraisal typically costs between $350 and $550, it’s often worthwhile considering PMI typically costs between 0.05% and 1% of the loan amount annually. Find out the current value of my home.

America's Real Estate Experts, is your local near me Portage, Indiana and surrounding areas, What's my Property Worth Real Estate Brokerage. Homeowners Insurance is required by most lenders to cover damage to the interior and exterior due to fire, hurricanes, tornadoes, lightning, vandalism, or other covered disasters. Your policy may also cover the contents of your home; including furnishings and clothing as well as additional living expenses you must incur while your home is being repaired or rebuilt.

Your insurance coverage should match your home’s value; if the value has increased, your policy may lag behind. That could mean you’re not covered for the cost of its full value if something happens. Your insurance company probably has policies in place for general inflation, but if you find your home has significantly increased in value or you’ve added on or made updates, it is time to reexamine your home insurance coverage. FREE House Evaluation Report.

America's Real Estate Experts, is your local near me Northwest, Indiana and surrounding areas, What's my Property Worth Real Estate Brokerage. A good reason to know how much your home is worth relates to property taxes. If your home increases in value, whether as a result of upgrades, additions, or other improvements you made to it or simply because, over time, the neighborhood has appreciated, you will probably owe more. Assessments determine the value of your home. Property taxes are based on this value. Therefore, a higher assessment could result in a higher tax bill. Conversely, if your home is valued lower than when you bought it, you can appeal to your county or municipality and request a lower payment. What is the current value of my home?

America's Real Estate Experts, is your local near me Hebron, Indiana and surrounding areas, What's my Property Worth Real Estate Brokerage. If your home has increased in value, you may have accrued equity. Equity can benefit a homeowner in many ways. For one, it provides a better understanding of your overall financial situation, enabling you to make smart decisions. For another, it could contribute to an accelerated timeline and more money in your pocket if you intend to sell your home. If you don’t plan to sell your home, you can put equity to use in other ways, such as borrowing against it by taking out a Home Equity Line of Credit. This can help you access the financing you need to add value to your property with a strategic home renovation or improvement or even use the HELOC to invest in additional property. FREE House Evaluation Report.

America's Real Estate Experts, is your local near me Hammond, Indiana and surrounding areas, What's my Property Worth Real Estate Brokerage. You may opt for a cash out refinance, which allows you to tap into your equity at a fixed rate. As opposed to a HELOC or a home equity loan that essentially adds a second mortgage, a cash-out refi is a brand-new mortgage with a higher loan amount than what you currently owe that provides a payout (that payout comes from the equity you’ve accrued). Some homeowners may be able to borrow up to 80% of the loan to value, leaving 20% equity in their home. This option has advantages, including a lower interest rate than an equity loan or HELOC, which could save you money in the long term. FREE House Evaluation Report.

America's Real Estate Experts, is your local near me Portage, Indiana and surrounding areas, What's my Property Worth Real Estate Brokerage. Depending on your goal, getting a home appraisal may be the way to go. If you plan to get a HELOC, you’ll need an appraisal. If you want to know what your listing price should be now, talk to an agent.

Many times, people think an appraisal is only done for mortgage lending purposes (refinance of an existing mortgage or purchase of a property), but there are other reasons to do one. An appraisal for valuation purposes can be particularly beneficial if there aren’t many comps for a CMA in your area. A credible home appraisal can range from $350-$550, but it can help you price your home for a quick sale, eliminate your PMI, or give you ammunition to dispute the appraised value of your home in the hope of lowering your property taxes. What is the current value of my home?