Not sure if this is the right place for this question, hopefully someone can help me out.
I just recently bought my home last October. The appraised price before closing was $484,000. The final agreed sale was for $470,000 and my mortgage is for ~$455,000. The housing market is obviously on fire and comps in my neighborhood are soaring.
Zillow now currently estimates my house to be worth $553,000. I am paying PMI on my mortgage, a whopping $280/month. I am wondering if I were to get my house reappraised with the current market, would that count as equity in my home and help me reach the required 22% equity to request cancelation of PMI? Hopefully that makes sense.
Thanks in advance!