A Real Estate Appraisal Service
for the Puget Sound Region

The Seattle Space Needle and Mt Rainier keep watch over the Puget Sound Region

An appraisal can help you get it built... We can tell you what your home will be worth before it exists... and when it is built, an appraisal will help you refinance it...
Main Menu

Stop Paying PMI Insurance!

Private Mortgage Insurance (PMI) is a monthly charge you incur if your down payment from your home is less than 20% of the appraised value or sales price. By getting PMI you will be able to have a lower down payment because the bank is protected against you losing money.

Rates of PMI vary depending on any number of factors, but lets do some basic math:

Lets say that the average median home in America costs $200,000. To put down 20% would require a down payment of $40,000. That's a lot of MONEY!

So lets say then that you can only put down $20,000 which is 10% of your loan. The bank then takes that $180,000 and multiplies it by .005%. That means annually you are paying $900 or $75 EVERY MONTH.

Banks are by law required to notify a consumer when they have reached 20% equity in their home, but you need to keep track of these numbers. Once you have reached 20% you can get an appraisal and waive this monthly fee. Your return on an investment to get an appraisal could be less than 2 months!


  • Over 50% of all mortgage loans have mortgage insurance (PMI).

  • A 1998 federal law requires lenders to allow you to drop your PMI once you have 20% equity in your home.

  • To drop your private mortgage insurance you may need an appraisal by a state certified appraiser. Any  improvements you have made since purchasing your home will be reflected in the report.

Sound Appraisal, Inc. can save you money. We have prepared over 5,000 appraisal reports in the Puget Sound Region and the surrounding suburbs. We may be able to help you reduce your mortgage payment. Call us!

(206) 714-2004

If you are not located within the Puget Sound area we can refer you to an appraiser near you.

Common Questions

What is the cost of an appraisal?

Appraisal fees fluctuate in different areas. A typical residential appraisal will cost $300 - $500. Visit our fees page for our prices.

How much can I save?

Contact your lender for the specific amount. PMI rates typically vary between $0.35 - $0.80 per $100 (based upon your loan amount). The table below has several examples.

Monthly PMI Cost

Original Loan Amount 5% Down 10% Down 15% Down
$100,000 $60.00 $40.00 $30.00
$150,000 $90.00 $60.00 $45.00
$200,000 $120.00 $80.00 $60.00

Note: These are monthly costs

What do I need to do to drop my mortgage insurance?

1. Contact your lender. Verify that you are paying mortgage insurance. Confirm that you qualify for PMI removal. Get their specific requirements for exactly what you need and where to send the information. Most will require an appraisal by a state certified appraiser.

2. Contact an appraiser. Verify that they are state certified.

3. Send the report to your lender and enjoy your lower house payment.

It's that easy!



Sound Appraisal
A division of Sound Real Estate LLC
11017 124th St. Ct. East
Puyallup, WA 98374
Phone (206) 714-2004, Fax (425) 642-8102
                                                            Copyright 2000 Sound Appraisal, Inc.
                                                      All rights reserved