If you’re relying on equity gains to cancel PMI, telling your lender about the recent sales and property value increases in your neighborhood won’t move the needle. You’ll need some stronger data for this argument, most likely a professional appraisal or a broker price opinion (BPO), depending on what state you live in.
Does the lender require a third-party appraiser? Most appraisers for mortgage-related matters will need to be provided by an appraisal management company (AMC) independent of the lender and borrower. So check whether you need to arrange the appraisal or BPO through your mortgage servicer, rather than hire out your own valuation.
Read moreWhy do I have to wait to cancel PMI?
