How Can Appraised Value Get Rid Of PMI

by Homeowner Wishing For No More PMI
(USA)

Regarding How can appraised value get rid of PMI: Kate, I purchased a home in 2008 for $210,114. There was an appraisal done on it near closing for $213,000. However we felt this appraisal was not accurate.

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Background - we had a home built for us and one of the incentives was a free added room, we did this and they "quoted" the value of the extra room around $20,000.

We ended up getting another appraisal in March 2009 for a refinance and it appraised for $233,000, which seemed more accurate in regards to the extra room.

Now I'm trying to get rid of PMI as soon as possible. I keep finding mixed reports on whether you have to use original purchase price, original appraisal, any appraisal, or the lower of 2 of them to determine when you've reached 20% equity.

I would hope we could use the $233,000 and can get rid of PMI when the balance reaches $186,400. Or would we have to go by the $210,000 or $213,000 or the lowest amount?? How can appraised value get rid of PMI? Thanks!

How Can Appraised Value Get Rid Of PMI

Dear Homeowner Wishing For No More PMI, I think PMI is complicated too! In fact, one day I thought to myself, "I am going to get a handle on this." But when I started to study PMI laws, it got even more confusing.

So I took a deep breath, dove straight in, asking myself these three questions:

  1. How Do I Cancel PMI?

  2. When Will Lenders Automatically Terminate PMI?

  3. When Will Final PMI Termination Occur?

Find the answers at Three Methods of PMI Cancellation where I dedicated a page just to this subject.

I have provided even more tips to solving the PMI riddle at the bottom of this letter. After reading through them, I hope you will write back if you think of more questions.

Take a moment to bookmark How Can Appraised Value Get Rid Of PMI? to your favorites and visit often for more ways to get rid of PMI. You can also invite friends to comment on this page or ask another question of their own like you did.

Best Wishes,

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PS What can you do when your mortgage approval hiccups? I don't have to convince you that mortgage approval can be tricky.

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