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PMI cancellation with updated appraisal


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#1 weeperabr

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Posted 20 August 2019 - 06:32 PM

Summary: My PMI is 90.00 per month, and I can get it removed if my loan balance is 80% of the appraisal value.

When my house was bought in 2015, I think the appraisal was 130k... I owe 113k currently. I think that was just a drive by appraisal (outside only) though I’m not certain how thorough the lender’s appraisals typically are.

Is it possible that my house may be appraised 10k higher just because housing values have risen in this area? If the appraisal came in at 140k, At $90 per month, a $400 appraisal would pay itself off in no time.

I haven’t done anything but replace all appliances so I doubt an appraisal would come back higher, if at all.

Edited by weep er, 20 August 2019 - 06:34 PM.

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#2 Zsasz

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Posted 20 August 2019 - 06:42 PM

The appraisals will be conservative so not sure how it would come back. Any chance you'll refi soon?
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#3 SnowMan

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Posted 20 August 2019 - 06:45 PM

I'd say you have a chance. If appreciation was only a couple percent you'd be close in 4 years with compounding.

It's been way more than that in the last few years in many parts of the country.
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#4 Webb Ellis

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Posted 20 August 2019 - 07:07 PM

$90... Damn mine was $275
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#5 dondewey

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Posted 20 August 2019 - 07:22 PM

Yeah, also check out refi.

I had an fha that wouldn't let you get rid of pmi until you were under 80%.of purchase price, not current value. Had to refi, even at the same rate it saved me a ton since fha MI was something crazy high like 1.5% of the loan per year.

Also, check zillow estimate to get an idea. They tend to be pretty close in most places. If their estimate puts you at better than 20% equity, then give it a shot. Some appraisers can be a little extra helpful if you are really close and casually mention the number you need it to hit.
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#6 weeperabr

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Posted 20 August 2019 - 07:40 PM

Zillow says 153k, So I’m in the range!

REFI is worth looking into.
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#7 Kremer

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Posted 20 August 2019 - 08:31 PM

Do it.
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#8 Dave McG

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Posted 20 August 2019 - 08:49 PM

Zillow is way off by me, the comps they use are within 3 miles, but in a totally different neighborhood or in an adjacent suburb with a different market. Redfin is more accurate here, but I know they all have different algorithms. Maybe look to see how consistent Zillow, Redfin, and Trulia are, or look up a few comps on your own to really get a good feel for things.
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#9 cavman

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Posted 20 August 2019 - 08:51 PM

Where do you live again?
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#10 cavman

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Posted 20 August 2019 - 08:54 PM

No offense meant but that is so low nowadays, hell my driveway is worth at least $250k.
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#11 Dave McG

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Posted 20 August 2019 - 08:54 PM

Where do you live again?

Weeper is in NJ.
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#12 cavman

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Posted 20 August 2019 - 08:56 PM

East coast and city so may not be Boston area, but that price is astounding to me.
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#13 Genesee Ted

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Posted 20 August 2019 - 09:00 PM

It can definitely go up. Seek options

#14 dondewey

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Posted 20 August 2019 - 09:02 PM

No offense meant but that is so low nowadays, hell my driveway is worth at least $250k.


This comes across totally cool.
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#15 weeperabr

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Posted 20 August 2019 - 09:05 PM

No offense meant but that is so low nowadays, hell my driveway is worth at least $250k.

Other 3bd/1bath houses are worth another 100k here, but mine is a 1500 SQ FT. , 100 year old, not updated since 80s... my front lawn is about 15x20. Super small lot. Flat roof AND Furnace is 35 years old.

My driveway is worth about $45 being that it’s about 6 feet wide or whatever the width of a car was in 1914.

I’m surprised it’s not worth only 110k. :)

Edited by weep er, 20 August 2019 - 09:13 PM.

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#16 cavman

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Posted 20 August 2019 - 09:07 PM

A lot up the street just sold for 1.2M to be torn down and rebuilt as condos. My property is a lot and a half the driveway being a half lot. It can hold 14-16 cars in a fast growing area price wise. It just surprises me anything can be bought that cheap.
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#17 Genesee Ted

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Posted 20 August 2019 - 09:07 PM

East coast and city so may not be Boston area, but that price is astounding to me.

My house is appraised at $135

#18 cavman

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Posted 20 August 2019 - 09:08 PM

This comes across totally cool.

Wasn’t meant that way, just shocked at the difference.
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#19 cavman

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Posted 20 August 2019 - 09:10 PM

Like I said amazingly low to me. I thought it was impossible to buy for that price now.
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#20 weeperabr

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Posted 20 August 2019 - 09:12 PM

You should consider becoming a slum lord in other parts of the country.
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