Appraisals and More

Is Your Home Value the Key to Lowering Your Monthly Mortgage? PMI Removal!
March 19th, 2026 8:52 PM
Is Your Home Value the Key to Lowering Your Monthly Mortgage?
If you bought your home in Hampton Roads within the last few years, you might be sitting on a "hidden" savings opportunity. Many homeowners in Virginia Beach, Norfolk, and Chesapeake are paying for Private Mortgage Insurance (PMI) that they no longer actually need.
At Angel’s Appraisals, we specialize in the specific valuations required by lenders to cancel this extra monthly fee. Here is what you need to know about using an appraisal to drop your PMI.
What is PMI and Why Are You Paying It?
Lenders typically require PMI if your down payment was less than 20% of the home's purchase price. This insurance protects the lender—not you—and can add $100 to $300+ to your mortgage every single month.
The "Magic" 80% Number
To cancel PMI, your Loan-to-Value (LTV) ratio must generally be 80% or less. You reach this point in two ways:
  1. Paying down your principal over many years.
  2. Increased home value through market appreciation or renovations.
Because the Hampton Roads market has seen steady growth recently, your home’s current value might have already pushed your equity over that 20% threshold.
3 Steps to Remove PMI with an Appraisal
  1. Check with Your Servicer: Every lender has specific rules. Some require a written request, while others have "seasoning" requirements (the length of time you've owned the home).
  2. Order a Professional Appraisal: Once your lender confirms you are eligible, they will often require a new appraisal to prove the home's current market value.
  3. Submit the Results: If our appraisal shows your equity is at 20% (or sometimes 25% depending on the loan age), your lender can move to cancel your PMI payments immediately.
Why Choose Angel’s Appraisals for Your PMI Removal?
Lenders are strict about the quality of appraisals they accept. We understand the local market nuances—from the impact of flood zones in Portsmouth to the high demand for properties near NAS Oceana—ensuring you get a fair and accurate valuation that stands up to lender scrutiny.
Stop paying for insurance you don't need.
  • Office: 1957 Wolfsnare Rd., Virginia Beach, VA
  • Contact: Call us at (757) 776-2042 or start your inquiry at AngelsAppraisals.com.

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