Refunding of PMI possible?

[Jake Flosi]

Good afternoon all,

I wanted to get an opinion as I recently closed on a second home. For some background, I purchased the property for $400,000. I put 10% down and prepaid all of my PMI at the time of closing through a conventional 30 year mortgage. Prior to closing the house appraised for $470,000 through a third-party which the bank is now using as their valuation on their website. Since LTV ratio is more than 20%, would it be possible to have the PMI refunded?

I’ve spoken to my bank and they’ve put a request in to have this researched but I wanted to see if there’s something I’ve missed prior to hearing back from them. Any feedback or knowledge that can be shared is greatly appreciated.

Cheers.