Sorry for another one on PMI, need advice on process as every lender is different. Our lender said we can submit to have PMI removed with an appraisal that I get for our house based on property value increase. Lender said that if they deny using the appraisal that I get then they will have to have one done and it's $550 for theirs. My question is anybody been through this? Seems to me that it would be easy denial by lender in order for them to get the $550 appraisal fee. So would be waste of time to get appraisal done on my own to send in and just bite bullet to pay for lenders appraisal? If worth it any recommendations for people to do appraisal and what is rough cost of appraisal to be done?

How old is your previous appraisal?

I don't have one, I was just playing the game with lender to see what they would say about my own appraisal being sent in rather than spending $550 for their own appraiser to come out.

aggiecody06 said:

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I don't have one, I was just playing the game with lender to see what they would say about my own appraisal being sent in rather than spending $550 for their own appraiser to come out.

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They're going to want to go through their own panel appraiser more than likely. $550 is cheap for what lenders usually charge.

Hope you aren't dealing with PHH.

No it's Flagstar Mortgage, and ok sounds like will just bite bullet and let them do their thing

I just went through this. You are right, let them do it. Keep a copy of everything you send them and write the date you sent it somewhere.

Lender's should NOT be different as Fannie/Freddie have rules they are supposed to follow. Make sure your situation fits by checking here before spending the money. Likely your rep you have spoken with does not know the requirement in a post below.

Did this earlier this year.

IIRC the lender offered two options on the valuation. One was an appraisal for more than $550, the other was a different valuation thing, I don't recall the exact terminology. But it was much cheaper. I went with the cheap option. It worked fine for me with my lender. Might ask about that. But $550 is not un reasonable for an appraisal, especially through a lender.

Edit to add: Looked up some emails. The other option was a BPO - Broker Price Opinion.

I got an email from my lender stating that I might be eligible for removing PMI--respond or call this number if you're interested. I responded via email saying I was interested, and I received a letter a week later stating it had been removed. No appraisal needed or anything. 8 years into a 30 year note.