eliminating PMI after home improvement project
we're adding another bathroom to our house. my brother in law and his crew are doing the job so our credit has not taken any serious hits, but we did empty a little over half our savings account into the project. so my question is this: is it worth it to get an appraisal and see if this is going to bring our LTV down so we can get rid of pmi now? We're at 83% LTV by lindseyvanderbroe... from Alliance, Ohio. Aug 18th 2014
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
Often after remodeling a kitchen or adding some serious square feet to a home, the value of the home goes up a fair amount. I am not sure if the additional bathroom will add enough value to get you to 80% ltv. You apparently must have recently had an appraisal prior to this remodel project? Find out from an experienced local realtor what they might estimate the increase in value. If it seems like it might just put your home at the value you need to request mortgage insurance be cancelled, then I say go for it!
Ask our community a question.
Get an answer
Related Questions
