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cberni1
LSU Fan
Metry
Member since Jun 2012
463 posts

PMI removal through appraisal
I was reading another thread about PMI and I started doing some research on getting to 20% LTV through a re-appraisal of my home via the mortgage company. It seems relatively straight forward from everything i've read but my only concern is that my property tax will go up as a result of the re-appraisal. I have about 15% more/6ish years before i hit the 80% threshold.

My house has appreciated roughly 35K over the past 3 years based on general market comps. If the re-appraisal was formally filed with the parish which i'm guessing it is, then the cost of monthly property tax outweighs the cost of the monthly PMI which means I should just forget about going down this road.

Has anyone done this and can you confirm if this is filed with the parish? Anything else I should know?

ETA: update 8/6. I just wanted to bump this thread for anyone that is considering this option. I had the appraisal done through my mortgage company and came in at 77.3% of LTV. That said, i DIDN'T get PMI removed because, to my dismay/ignorance, my mortgage company doesn't actually own the debt but rather Sallie Mae does. Therefore, I had to meet their guidelines which is 75% within 5 years of mortgage servicing. I'm not overly pissed off because I should have asked more questions and done more research but it's a bit of let down to be under 80% and still have PMI.

So, general PSA to those looking into this. Make sure you know who's guidelines you need to follow to meet the threshold for removing PMI if you get an appraisal because of general appreciation or appreciation through renovation.
This post was edited on 8/6 at 9:07 am


Bulldozer1899
Member since Aug 2017
90 posts

re: PMI removal through appraisal
When I did my last year the bank sent out their own appraisal company that you pay for. If your home comes back and your within the 80% they drop the pmi. It took about 2 months to do it


cberni1
LSU Fan
Metry
Member since Jun 2012
463 posts

re: PMI removal through appraisal
Yep, that sounds in line with what i've seen. However, do you know if this appraisal was filed with the parish and if you're property tax went up as a result?
This post was edited on 4/15 at 12:30 pm


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notsince98
Missouri Fan
KC, MO
Member since Oct 2012
13137 posts
 Online 

re: PMI removal through appraisal
your property tax entity has to do their own appraisals. They will know nothing about your private appraisal for your bank.


cberni1
LSU Fan
Metry
Member since Jun 2012
463 posts

re: PMI removal through appraisal
If that is the case, then there is no downside to doing this. I hope.


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Cousin
LSU Fan
The Bayou
Member since Feb 2012
5231 posts

re: PMI removal through appraisal
quote:

your property tax entity has to do their own appraisals. They will know nothing about your private appraisal for your bank.


FACTS! I did it in 2014 and was successful.


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vistajay
Member since Oct 2012
1432 posts

re: PMI removal through appraisal
They do not file it with the parish. It's for internal use only by the mortgage company. Also be careful. They pull from a list and the appraiser may be some idiot from another part of the city who knows nothing about your area.


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20
Tigeralltheway
LSU Fan
Member since Jan 2014
2074 posts

re: PMI removal through appraisal
PMI only can be removed if you a conventional loan right?


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cberni1
LSU Fan
Metry
Member since Jun 2012
463 posts

re: PMI removal through appraisal
bump for update in OP


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