Reappraisal to remove PMI <80% but lender won’t remove because less than 2 years and won’t take into account market factors, only substantial improvements which aren’t enough?

We refinanced in Dec 2020. We’ve done about $50k worth of upgrades and improvements to our home. Appraiser puts our current house value at $400k and we owe $289k. But the lender won’t remove PMI because the appraisal report indicates most of that increased value is from market factors and not substantial improvements. Has anyone heard of this and what can we do to appeal?

submitted by /u/aguyfromhere
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We refinanced in Dec 2020. We’ve done about $50k worth of upgrades and improvements to our home. Appraiser puts our current house value at $400k and we owe $289k. But the lender won’t remove PMI because the appraisal report indicates most of that increased value is from market factors and not substantial improvements. Has anyone heard of this and what can we do to appeal? submitted by /u/aguyfromhere [link] [comments]

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