Reply to getting rid of PMI...re-appraising after 24 months

Forum Index » Money and Finances

Reply to "getting rid of PMI...re-appraising after 24 months"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here, thanks.  I don't know if the lender will bother asking me about my upgrades since it's based on a re-appraisal (and I assume the appraiser will take into the account the condition of the home, including upgrades/renovations).  I have my calendar set to remind to request PMI removal exactly 24 months from loan closing.

[/quote]

Appraiser won't care about cosmetic upgrades. The only thing that will add value from an appraiser's standpoint is whether you added rooms or bathrooms above grade. So, for example, any basement renovations won't really matter.[/quote]

Not the OP, but while it is true that cosmetic upgrades (carpets, curtains, decorations, trim, etc) have no effect on the appraisal, structural ones will.  Structural upgrades include not only adding rooms or bathrooms, but also include upgrades such as adding windows, doors, permanent handicap accessible features (ramps, internal elevators, weight bearing hand-rails, etc), upgrades to electrical, in-floor heating, solar panels, augmented geothermal heating.  Also permanent upgrades like changing carpets to hardwood or tile, adding a kitchen island, adding built-in furniture all contribute.

There's a lot more than just bathrooms and bedrooms that can add to the value of a home.  But essentially the differentiating factor is if it is permanent, e.g. something that cannot be easily removed by the owner when selling vs something that is easy to change or take out.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics