- Joined Feb 23, 2006
As long as the remainder of your loan is 80% of your home’s new appraised value, you should be able to request PMI cancellation. Appraisers will include some comps outside your development in your appraisal though.Question - Does increase in property value equal personal equity in terms of trying to eliminate PMI early?
Closed on a new construction home in December (signed the contract in May) and see that the builder increased the base price of our model by 60k. That doesn’t include the lot premium and basic, mandatory options. I’m confident the price of those have also gone up.
If I were to get the house reappraised, and show that we have 20% equity in the property based on principle payments made to date and increased property value, could we have PMI removed? That would save us a few hundred a month.