MRJ Appraisals

Timely. Accurate. Reliable. 

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MRJ Appraisals is a fully insured appraisal firm.  We are HUD Certified / FHA Approved.  Michael Jonny is a Certified Residential Real Estate Appraiser in New Jersey and New York as well as a licensed Realtor in New Jersey and a member of the National Association of Realtors (NAR).  Our company provides appraisal services using the most current data available, utilizing Multiple Listing Services for all areas of coverage, Comps, Inc., Realist.com and access to tax assessors and real estate offices.  We provide a 24-48 hour turnaround time from the time inspection until you receive the file. Contact is attempted the day we receive an appraisal order and is attempted every day until contact is made and an appointment has been scheduled. We are accurate, dependable and easily accessible should anything need to be discussed.


THE NEED FOR AN APPRAISAL
There are several reasons to have an appraisal. The most common is the purchase or refinance of your house. Anytime you buy or sell real estate, you will need a real estate appraisal. The primary purpose is to find out exactly how much your property is worth. Banks and similar lending companies also require it, before a buyer can obtain a mortgage. This is also true for a refinance as the lending institution will need to know the value of your property before they will issue a mortgage.

Other needs for an appraisal include:
*Removal of PMI -You can cancel your Private Mortgage Insurance if your loan balance has reached 80% or less of the value of your home, you have made timely payments, and you have no subordinate liens on your property (i.e., a second mortgage ). Another way that the loan balance can reach the 80% or less level is that your equity has built up through appreciation of the value of your home.  If you purchased your home several years ago for $300,000 and have a $270,000 mortgage, your loan balance is 90% of the value of the property ($270,000 / $300,000), requiring PMI.  Presently, your home may now be worth $400,000, thereby making your loan balance 67.5%  of the value of the property ($270,000 / $400,000) and eligible for the removal of PMI.   
A PMI appraisal can remove the PMI monthly payments and save you several thousands of dollars over the life of the loan.  

*Obtain replacement cost for your insurance company - This is the value determined that you will pay your homeowners insurance.  If you purchase your property several years ago, you have probably noticed a marked appreciation in value.  However, you may be insuring your property for far less than its value today.  A current, up-to-date appraisal will ensure that your replacement cost is accurate. 

*Predetermination of value - This is typically done if a seller is looking to sell their house and would like determine a reasonable price when selling.


Other reasons include contesting high property taxes, providing a negotiating tool when purchasing real estate, divorce cases, estate appraisal and protecting your rights in a condemnation case.