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You don’t have to refinance. Process varies by lender. I was able to request PMI to be removed based on the increase in home value. Just had to pay a small fee to get an appraisal through my lender.
Usually, the cost to get an appraisal done. That is around $400-600. At least that was the range where I live in Los Angeles.
Coach
Yes, you can refinance to remove the PMI. With some lenders you can remove the PMI without refinancing. Call the bank where you have your mortgage and ask.
You shouldn't have to refinance. Your lender will tell you their process but it probably requires an appraisal and some documents. When I did this several houses ago I remember it being a bit of a battle and our appraisal was pretty low but if your LTV is more than 70-75% you'll probably be able to get the PMI removed without too much issue.
Mentor
You don’t have to refinance. Let lender know you want to remove PMI and they’ll order an appraisal. If you already reach 22% equity based on the initial purchase price, it’ll automatically drop.