Getting rid of PMI due to an increase in property tax appraised value Is it possible to get rid of PMI because the property tax appraised value has increased substantially since the initial mortgage or would the homeowner need to get a private appraisal to substantiate the increase in value? submitted by /u/Peyote-Rick

What are the drawbacks of having your home appraised to reduce PMI? Hi everyone! Hoping to get some advice. Doing some mid-year re-budgeting. Mortgage info: Total mortgage amount: $340k Purchase price: $366k Current Mortgage Balance: $300k Interest Rate/Terms: 30yr conventional, 5.25% APR (We were not married when we bought our home, got married after rates spiked otherwise we would have done a VA loan) Monthly…

PMI cancelation – is it based on the original value of the loan or the appraised value of the home? PMI cancelation – is it based on the original value of the loan or the appraised value of the home? Our home’s predicted assessed value has reached over 20% of what we owe on the loan. Does this mean we can call the bank to get PMI removed with an appraisal? Or is it based on the original value of the loan? We paid $420k for the house. We curr…