How to Remove PMI with a Home Appraisal in Virginia Beach, Chesapeake, Norfolk and surrounding Hampton Roads
Still paying PMI on your mortgage? You might not have to.
If your home's value has increased or you've paid down a significant portion of your loan, you may qualify to remove private mortgage insurance (PMI) — and the key to doing so is a certified home appraisal.
At CMP Appraisals, we help homeowners throughout Virginia Beach, Chesapeake, Norfolk and the surrounding Hampton Roads region determine if they can eliminate PMI and start saving immediately.
What Is PMI and Why Are You Paying It?
Private Mortgage Insurance (PMI) is typically required when a borrower puts down less than 20% on a conventional loan. Lenders require it to protect themselves in case you default.
PMI can cost anywhere from $100 to $300 per month, depending on your loan size — that’s thousands of dollars per year in extra payments. The good news? Once your loan-to-value (LTV) ratio drops below 80%, you may be eligible to remove PMI. But lenders don’t just take your word for it — they want proof of your home’s value.
The Role of a Home Appraisal in Removing PMI
To remove PMI early, most lenders require a current appraisal to confirm your home has increased in value enough to drop your LTV below 80%.
For example:
You bought your home for $300,000 with 10% down
Your loan balance is now $260,000
If your home appraises for $325,000+, your LTV is under 80%
You can request PMI cancellation
A certified home appraisal gives your lender the documentation they need to legally remove PMI.
Why Choose CMP Appraisals?
We specialize in PMI removal appraisals for homeowners across Virginia Beach and Hampton Roads. Here's what sets us apart:
✅ Certified & Experienced – 20+ years of combined expertise
✅ Fast Turnaround – We utlize the newest technologies to devlier your reports accurately and on time
✅ Trusted by Lenders – We’ve built a respected reputation so you can feel confident in your decisions
✅ Local Market Experts – We have the market area insight to get you what you need
When Should You Get an Appraisal to Remove PMI?
Consider getting a PMI removal appraisal if:
Your home’s value has gone up significantly since purchase
You’ve made upgrades or renovations
Your neighborhood has experienced rising market activity
You’ve paid down your mortgage aggressively
Even if you're not sure, a quick market check from a local expert can tell you if it’s worth moving forward.
How Much Can You Save?
Eliminating PMI early could save you:
$200/month = $2,400/year
Over 5 years = $12,000 saved
An appraisal usually costs between $400–$600 — meaning you could see ROI in just a couple of months.
What You’ll Need to Remove PMI:
Your lender’s PMI removal request form
Your most recent mortgage statement
A certified home appraisal report (from CMP Appraisals!)
Proof of timely mortgage payments
We can help walk you through the process and provide everything your lender needs.
Ready to Stop Paying PMI?
Contact CMP Appraisals today for a certified PMI removal appraisal in Virginia Beach, Chesapeake, Norfolk or surrounding area of Hampton Roads. We’ll help you take control of your mortgage and put money back in your pocket — fast.