Q: Before getting second rental should I get a reappraisal on...

[Bobby Shell]

Hello,

I have a primary residence I bought for $419k in 2016. It now should appraise for $450-470 (and if so, it will end my PMI payments and lower my mortgage by $100 monthly).

I should also mention we also have single family rental with a renter right now. (this home was also bought in 2016 as a primary residence, this was my wife's primary residence before we got married, now we live in my home)

That said, is it better to get this reappraisal of our primary residence done? And would it be smart to get a reappraisal of our rental done? The rental is now worth 60k more as well. This would add about 100-120k of value on paper for each property if that makes sense?

WHY I ASK THIS: I want to understand what value this adds for us as we are about to seek our second rental and getting a pre-approval letter and loan. I am assuming this added value will actually help us in a lender or banks eyes?

thanks for taking your time to answer this Q. I hope I gave all of the info you need :)