Questions regarding PMI...
October 8, 2013 6:25 PM Subscribe
I'm investigating reappraising our house to get rid of PMI. We meet the conditions for application, which involve bringing in an appraiser. The appraiser we would pay for is hired through the mortgage company — we have no control over the appraisal process. Do appraisers who are hired to get rid of PMI do a fair and honest job in calculating the true market value, or, alternatively, do their valuations fall close to online appraisals on average, within some percentage? (Are online estimates close to market value, within noise? Two online estimates suggest we are over the required valuation by roughly 40-50k.) Finally, are there downsides or gotchas to getting rid of PMI, other than a smaller federal deduction at tax time?
posted by Blazecock Pileon to home & garden (9 answers total) 4 users marked this as a favorite
Note: We are not interested in hiring a realtor/Realtor as we are not selling our home, but merely looking for some answers (hopefully, quantitative) along the lines of the questions written above.