Refinance: home value

[OC_relocation]

Hello All,
Need help. Is there any way to check value of our house, we bought brand new in 2014 and trying to see if LTV has gone upto 80% so we could get rid of PMI.
I would hate to pay appraisal fee just to know it's still under 80%. where can I find compareables to my house?


Thanks

 

[freedomcm]

talk to one of our resident realtors and ask for a BPO

 

[daedalus]

You mean you don't trust redfin and epprasal.com?

 

[OC_relocation]

I do trust both, as house is brand new so it doesnt show up in redfin, zillow etc

 

[sgip]

There are a great deal of other hurdles to jump over to remove PMI. It's often a requirement to have PMI for 24 months minimum. The 80% LTV is from the closing sales price, not always the current market values. If you do hit 80% LTV from an appraisal based perspective, you still have to get one via the lender. A refinance is possible, but are you trading in a lower rate for a higher one, and re-starting the amortization process again?

Link to MGIC's PMI FAQ's is helpful reading. https://www.mgic.com/ordering-mi/ordering-mi.html

You have PMI, but who was the provider? Radian, Essent, MGIC? It would be wise to ask your servicing company who is the MI company you're paying.

My .02c

 

[MoonKnight]

talk to one of our resident realtors and ask for a BPO

Agree with this.

Also, the industry's regulator recently released a compliance bulletin summarizing the current laws.  You may find this to be helpful background.
http://files.consumerfinance.gov/f/...ge-insurance-cancellation-and-termination.pdf