re: Getting rid of mortgage insurance- Updated with answer

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This may be a dumb question, but would you need to refi in order for the lender to accept a new appraised value? Even if you didn't, wouldn't the lender want to have an appraiser they contracted with go out and perform the due diligence? If so, there's no guarantee that appraiser comes back with the same valuation.

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Valid points. Can't say yes or no. Can say though when I tried to refinance my lender just sent me contact info's on a couple they were familiar with - nothing mandatory. I remember her telling me that if I wanted to use someone I knew that I could certainly do so. Sucked for me cause I was out of pocket $500 after my appraisal came back lower than my purchase price. I never had PMI, I was jut trying to lower my note since the interest rates at the time were a point lower than what my fixed rate was.