Dropping PMI via a New Appraisal and Refinance

[Marc Allen]

Hello,

I'm looking for recommendations on a local bank/broker that others on the forum may have worked with to drop PMI via a refinance and a new appraisal. Our original LTV was 95%, but with the recent appreciation in the Denver market and looking at 2 recent comps on our street, I'm confident we'd reappraise at least 80%. We're only 19 months into our current loan, and the lender has so far indicated they would only drop PMI when we hit 80% LTV on the original appraisal amount (which I recognize is their right per the original terms).

If anyone has worked through a similar situation in the Denver area and has a recommendations on a local bank/broker I would certainly appreciate it.

Marc

[Russell Brazil]

Keep in mind that the appraisal on a refinance will typically be more conservative than on a purchase. so you may want to wait till you are at more of a 75% or 70% expected ltv to give yourself breathing room for when the appraisal comes in lower than you expect.