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I asked this question about whether I need to re-apply for my mortgage in order to not have to pay private mortgage insurance anymore. All answers mentioned that this is not necessary.

However, I'm wondering if the answers apply only to the original appraised value. In other words, do I need to remortgage if I appraise my house again, and the house is appraised at a higher value and therefore I end up owning a higher percentage of the home than before? Can lenders request me to apply for a new mortgage in order to get rid of PMI based on a new appraisal?

MisterStrickland
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  • This question has already been answered in the comments following your previous question: once you are down to 80% and your account is in good standing (e.g. no currently delinquent payments; all previous payments made in timely fashion) and you have a new acceptable-to-lender appraisal showing that property has not decreased in value_, then you can ask for PMI to be removed, and if the lender declines, you can choose to remortgage if you wish. You will be out the closing costs of the new mortgage and the new lender may demand another appraisal if previous one is deemed to be too old. – Dilip Sarwate Feb 26 '18 at 17:23
  • I don't see any comment about "having a new acceptable-to-lender appraisal", which is exactly the difference between my previous question and this one. – MisterStrickland Feb 26 '18 at 19:12

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