A CMA does not cost you anything. If you need our assistance, please reach out to our email so we can find a good time to see the house and get to work on the CMA for you.
West Orange just went through a town revaluation. If you know what that new value that was given to your home, that should give you a close indication of the home's value. Otherwise you can have someone do a CMA for you to see what the value is.
My partner and I work with Keller Williams in Livingston and would love to assist if you need it. As to the decision between the two options you have mentioned - contact a great mortgage consultant for a professional advise.
Good luck and let us know if we can be of further asssistance.
I am not aware of any 2nd mortgage lenders going over 80% combined loan to value in NJ, there could be from local community or state chartered banks, but in large the lending industry hasn't felt NJ prices have fully stabilized or are increasing, so until then it's going to be tough to find 2nd mortgage options over 80%.
PMI has become much more affordable in the past few years, back in 2009 the PMI rates were a bit higher than they are now. PMI has different options, the most common is the traditional monthly amount you pay, but you can also take a slightly higher rate in lieu of not paying any monthly PMI or take the same rate and pay an upfront amount of mortgage insurance instead of the monthly form. The rate that PMI is charged depends on the loan-to-value as well as your FICO score.
The best thing for you to do is to ask a local realtor for a CMA. A "Comparative Market Analysis". This should utilize the same comparable sales that an appraiser would use. More specifically the comps used should be of the same style and size house, most recent sales within the last 6 months, and closest to your home. Once you have that, then you can determine if a second mortgage or PMI is even needed.
How much will it cost to get a "CMA" for my house? And do i just contact any realtor for that? I am no longer in touch with the realtor that i use to buy this home (not sure if she still has her license)