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Removing PMI with a new appraisal

Hello,
I had recently bought a house for 162k. I have a loan out for 156k and have begun doing some updating to the house. The house is zestimated at 178k but neighboring houses around it are well in the 180s even 190s. I ask this because when the bank appraised my house they did it for 1k above sales price. I hear this is to avoid equity or some sort from the loan. I say after I finish my upgrades on the house I believe the value will have gone up and the loan amount to house value will increase allowing me to remove my PMI. I know I will need to get it appraised at 195k for this to happen but I just wanted to know what the likely chance of an appraisal jumping up that much after closing with some major updates being done to the house. I will be redoing the countertops, painting, new floors, fencing the backyard and refinishing the deck. Also will this affect my taxes on the house if it does get reappraised higher than assessed amount. Thanks in advance.
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May 03 2013 - Des Moines
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Answers (1)

Best Answer

Most all guidlines will require you to pay the PMI for at least 12 months before it can be removed. You can refinance but will need to save all your reciepts to show the reason for the jump in value was your rehab of the property.
The Appraisal is not public record so it will not changed your taxes.

All The Best

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May 03 2013
 
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