Removing PMI / Home Assesment

[Christian Gibbs]

Hello BP family!-

We have had our condo in Oceanside for almost 2 years now and the value according to Redfin and some comps in the neighborhood have increased the value of the condo by at least $80,000 ( rough assessment ). 

We put 12% down on the property at a 5.99% rate and contribute another $120 or so every month towards the principle. 

We have a PMI of $250 a month and I'd love to get rid of it.

I contacted the bank for a request for PMI to be lifted and they denied it.

They said I could order an assessment of the house through them and then if house / condo come up with enough gained equity then it might be possible .

Does anyone know the best first initial steps to order a home assessment ?

Should I order it independently or go through the bank as they instructed?

I do have stocks that I could liquidate to throw at the principle but they have been performing great lately and I’d rather use those funds down the road as another down payment on a future property.

Any advice appreciated 

Christian

[Adam King]

Hi @Christian Gibbs, as @John Burke said. You best bet is to contact a realtor, and have them run comps (most will do it for free). If the value is there to where you currently own 20% or more, then you should reach out to the lender and ask them to schedule an appraisal.

Keep in mind that appraisal is not free, likely ~$600 depending on who they choose. With that being said, having the comps that your agent has provided you ready for that appraiser can go a long way to make sure you get your desired outcome.