Early PMI removal

I am looking to remove PMI from my loan. We bought new build last June for 345k and owe 317k currently. Our builder built an identical house across the street that sold last month for 385k.

Both house were sold without landscaping or grass planted. Over the last year we poured a patio, extra driveway turnaround, and increased the size of the deck. Then we added irrigation and finished landscaping. We also finished the garage and added a water softener and iron filter. These improvements total approximately 25k.

The lender said we will need to either pay down the loan to get 80% lvt. Or get another appraisal with with invoices for improvements.

Just wondering if the value of the neighbors house plus our improvements will get us close enough to remove PMI? The lender gave us 2 options for an appraisal, a real estate brokers option of value for $160 or a full appraisal for $500.

Any advice is appreciated

submitted by /u/kwarner130926
[link] [comments]

I am looking to remove PMI from my loan. We bought new build last June for 345k and owe 317k currently. Our builder built an identical house across the street that sold last month for 385k. Both house were sold without landscaping or grass planted. Over the last year we poured a patio, extra driveway turnaround, and increased the size of the deck. Then we added irrigation and finished landscaping. We also finished the garage and added a water softener and iron filter. These improvements total approximately 25k. The lender said we will need to either pay down the loan to get 80% lvt. Or get another appraisal with with invoices for improvements. Just wondering if the value of the neighbors house plus our improvements will get us close enough to remove PMI? The lender gave us 2 options for an appraisal, a real estate brokers option of value for $160 or a full appraisal for $500. Any advice is appreciated submitted by /u/kwarner130926 [link] [comments]

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