To add to the question. You’ve bought the property w/the lower down payment and the property is purchased at a price below comps in the area. Say you fixed it up w/the granite and SS. Can you later re-appraise it, since the value is higher, and hence adjust the PMI?
I remember back in the day when I did have my house another lifetime ago, that after some time, the values increased and I was able to not pay PMI. Would like to know who decides and how it gets done/adjusted so as to not pay it.
Would re-financing the loan w/a new appraisal allow you to show the 20% equity/value? I mean, if there are comps in the area that are higher and the acquired property was purchased below the comps and you’ve improved the property, it would seem to me that somewhere along the way you would be able to show there is 20% equity.
I mean, we are seeing flippers sell above what they purchased w/their granitization. If there’s value, does it only get taken into consideration when selling and buying? It seems that you would still be able to claim the equity if you have upgraded the place and other places in the area are selling higher. I just don’t know if appraisals will do it or if maybe re-financing will do it.
