REMOVING PMI PROBLEMS

[Ramon Gutierrez]

im currently in the process of removing or trying to remove PMI and I'm doing this by requesting a new appraisal on my home with my lender. I just recently thought of this since literally in my neighborhood my exact home floor plan and layout just sold over 279,000 and another comparable sold 270,000.

It seems to me based on the comps in the area that price per Sq ft is going around 102 to 109. Well I just got my appraisal and it came back at 248,000 I'm so confused because my exact home is selling for more than my appraisal. I feel like the appraisal company is almost in favor for the lender. The house that just sold that looks exactly like mine doesn't even have kitchen cabinets instead has shelves and I actually have cabinets and still find I'm getting low balled on the  appraisal.

And to top it off there's a new home listing at the moment of another home in my neighborhood with the same layout of my house and is selling for 299,999 so why would mine appraised for way less?? Because the appraisal company knows it's for removing PMI?

Or should I just refinance instead?

[Thomas S.]

Appraisals for bank financing are generally conservative to protect the bank. You probably would have received a higher appraisal if they did not know what you wanted it for.