Anonymous wrote:

Anonymous wrote:How long have you had your mortgage? I’m in the field and have seen thousands of BPOs. Brokers did tons of them to keep in business in the mortgage crisis (short sales and deeds in lieu etc). In general, BPOs are more conservative in price (tend to come back lower than appraisals). I would pay the $400 and get a true interior appraisal. HVCC laws don’t apply to you and your can speak to the appraiser and inform them the reason you are seeking approval is not for financing. They tend to be more liberal in that case.

Great insight, thanks! The mortgage is from 2016. I just feel silly paying this PMI when the market value has increased as much as it has. I looked into a refi and none of the options make sense because I have such a low rate already.

After 5 years, you only need 80% LTV with new appraisal so I’d go for full appraisal now and if no-go, try again in two years.

https://www.fanniemae.com/content/guide/servicing/b/8.1/04.html

Anonymous wrote:How long have you had your mortgage? I’m in the field and have seen thousands of BPOs. Brokers did tons of them to keep in business in the mortgage crisis (short sales and deeds in lieu etc). In general, BPOs are more conservative in price (tend to come back lower than appraisals). I would pay the $400 and get a true interior appraisal. HVCC laws don’t apply to you and your can speak to the appraiser and inform them the reason you are seeking approval is not for financing. They tend to be more liberal in that case.

Great insight, thanks! The mortgage is from 2016. I just feel silly paying this PMI when the market value has increased as much as it has. I looked into a refi and none of the options make sense because I have such a low rate already.

How long have you had your mortgage? I’m in the field and have seen thousands of BPOs. Brokers did tons of them to keep in business in the mortgage crisis (short sales and deeds in lieu etc). In general, BPOs are more conservative in price (tend to come back lower than appraisals). I would pay the $400 and get a true interior appraisal. HVCC laws don’t apply to you and your can speak to the appraiser and inform them the reason you are seeking approval is not for financing. They tend to be more liberal in that case.

Wells Fargo has an option to order a $200 “Broker’s Price Opinion” to remove the PMI from my loan in lieu of a formal appraisal at more than twice the price. I don’t meet the 80% LTV threshold for structural improvements - all renovations have been cosmetic - so it would have to appraise at 75% LTV. There’s about a 50/50 shot it would come back at the number they require, IMO. I don’t know how involved this is compared to an actual appraisal?

Any experience with a BPO, particularly through Wells Fargo, to remove PMI? They call it a pilot program, so no idea how long it’s been around.