Profile picture for mitchld

Should I try to remove PMI?

We purchase our home for $177k 1/07.  I need the house to appraise for $202k to cancel PMI.  Zestimate says it is worth $186k.  We have replaced the roof, refinished the basement, refinished hardwoods throughout, tiled both bathrooms and kitchen, painted everything. 

Any thoughts on whether we should pursue an appraisal to exceed $202k?
  • October 22 2009 - Overland Park
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Answers (4)

Profile picture for sunnyview
I think dropping PMI is a great idea, but I know that many people have had trouble getting solid appraisals in this market due to many foreclosures and short sales. It really depends whether you have the comps to support your position. You cannot just rely on the Zestimate or you may be out the cost of the appraisal. 

It sounds like you have put the improvements in, but available comps is what will support your claim to drop PMI. You might want to check out this link here about comps on Zillow and this article here about picking the best comps. Also take a look at your chart for your zip code by clicking on the big chart on your home page to see if the trend in your market is falling, rising or flat since you purchased. That may also help you make the decision whether to pay for an appraisal. 
  • October 23 2009
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I can provide you with a list of homes that recently sold in your neighborhood to determine if the value might be there for your home. Feel free to contact me at your earliest convenience.
  • October 23 2009
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Profile picture for real estate mike
Dean is correct, forget the zestimate, it's NOT market value. Have an appraisal done or your realtor to prepare a cma(comps). Assuming your neighborhood values haven't tanked you just might have done enough to warrant a $202k appraisal.best of luck.
  • October 23 2009
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Profile picture for real estate mike
Also look at your lenders guidelines for removing p.m.i. on your loan
  • October 23 2009
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