We had purchased a house for 675k in Nov 2022 in Washington state. At the time, it was appraised at 685k with comparable comps avg 400/sqft vs ours at 300/sqft.

It doesn’t look like the interests rate are gonna go significantly down anytime soon. Do you think it maybe worth getting the house reappraised to possibly eliminate PMI?

If yes, would you recommend BPO (cheaper) or Appraisal? We have only paid 7% so far. PMI is $280.

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This boils down to whether or not an appraisal would show you have the 20% equity or whatever percentage is required to move PMI on your mortgage. Are there comps being sold that signal your appraisal would be in that range?

Yeah everything around us is selling for much higher. Even at that time our price/sqft was significantly lower than homes around us per the appraisal report but I guess they don’t value it too much above the selling price.

In Nov 2022 purchase price was 675k, appraised value was 685k and taxes are 800k :|

Would you be able to recommend if it’s worth spending more money on appraisal over BPO?

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