Question: do current home appraisals effect future appraisals?

Let me try to lay this out bluntly. I bought the house at 537 The appraisal came back at 540 Comps in the area are going for 580 in my area. My realtor thinks they apprised my house at 540 to clear the loan and nothing else.

My next goal is to get pmi off my loan. Should I A) challenge the appraisal to get it higher? That way if the housing market then I have less of a jump to get it to 640 during the next appraisal or B) leave it be and if the housing market jumps again I can get it appraised for 640? I’m concerned about option B) being worrisome because they might suspect why did it jump so much?

submitted by /u/utah-in-newhampshire
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Let me try to lay this out bluntly. I bought the house at 537 The appraisal came back at 540 Comps in the area are going for 580 in my area. My realtor thinks they apprised my house at 540 to clear the loan and nothing else. My next goal is to get pmi off my loan. Should I A) challenge the appraisal to get it higher? That way if the housing market then I have less of a jump to get it to 640 during the next appraisal or B) leave it be and if the housing market jumps again I can get it appraised for 640? I’m concerned about option B) being worrisome because they might suspect why did it jump so much? submitted by /u/utah-in-newhampshire [link] [comments]

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