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I bought house few years back - need to get rid of PMI.

Details: I am about 89% into the loan. The payment to get to 78% isn't feasible at this time. They allow appraisal to get PMI dropped, however it has to be valued at 20% more than the original loan value.

The county I live in recently sent us appraisal papers, and they listed our house literally $1K less than the 20% above loan value that is needed. Retail sites like Zillow, Redfin, etc..., continuously list well over 40% Loan to Value.

Questions:

What are some tips and tricks, if there are even any? I've searched and most sites/blogs say that going ultra-cleaning and whatever doesn't really help as they're about functionality, longevity, and amenities, not to mention location and local values instead of how well the floors shine.

I guess other than finishing up any projects I have, like replacing trim, at least one of the toilets (it works, just sucks at working right and is a child's size), doors/paint, and that sort of thing, is there anything else?

Cheers.

I bought house few years back - need to get rid of PMI. Details: I am about 89% into the loan. The payment to get to 78% isn't feasible at this time. They allow appraisal to get PMI dropped, however it has to be valued at 20% more than the original loan value. The county I live in recently sent us appraisal papers, and they listed our house literally $1K less than the 20% above loan value that is needed. Retail sites like Zillow, Redfin, etc..., continuously list well over 40% Loan to Value. Questions: What are some tips and tricks, if there are even any? I've searched and most sites/blogs say that going ultra-cleaning and whatever doesn't really help as they're about functionality, longevity, and amenities, not to mention location and local values instead of how well the floors shine. I guess other than finishing up any projects I have, like replacing trim, at least one of the toilets (it works, just sucks at working right and is a child's size), doors/paint, and that sort of thing, is there anything else? Cheers.

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[–] • 2 pts (edited )

Yup, you have two options:

  1. Wait until you pay your loan down to 80% or less of the original value at the time you obtained the loan, or

  2. Call your mortgage servicer and tell them you want pmi removed because you believe the value has increased to the point that your current loan balance is less than or equal to 80% of the current value of your home.

If you go with option #2, you'll be required to pay for an appraisal, which is between $500 - $1000 depending on where you live. If your current loan balance / the new appraised value = 80% or less, then your mortgage servicer is required to remove PMI.

Edit: just to add, every appraiser is different, however they're supposed to ignore generally cosmetic issues and only appraise based on the bones and guts of the home. It doesn't hurt to vacuum, sweep, fix up the yard, etc. But the best thing you can do is tell / show the appraiser permanent upgrades you've made. Ex. Replaced water heater, new appliances, new fence, repainted recently, etc.

[–] • 0 pt

Yes, that. BUT cleaning up yard/ drive and house creates a good " first impression" even if subconcious.