Fair point, but honestly, PMI isn't always just a distraction. If you're close to that 20% equity mark, a quick appraisal or small lump payment can knock it out completely—instant savings every month. Worth crunching numbers before dismissing it altogether...
Good point about crunching the numbers first. When I was close to hitting that 20% mark, I debated doing a lump sum payment too. Ended up going for it, and honestly, seeing that PMI disappear from my monthly statement felt pretty satisfying. But I wonder if anyone's had luck negotiating directly with their lender instead of going through the appraisal route? I've heard mixed things—some lenders seem flexible, others not so much. Curious if that's a viable shortcut or just wishful thinking...
I tried the direct negotiation route once, and honestly, it felt like pulling teeth. My lender wasn't exactly thrilled about skipping the appraisal—they kept pushing back. Ended up biting the bullet and getting the appraisal anyway...but hey, your mileage may vary.
I feel you on that appraisal headache. When I bought my first place, I was dead set on ditching PMI as soon as humanly possible. Did a ton of research, crunched numbers, and thought I'd breeze right through the negotiation with my lender. Ha, wishful thinking.
My lender was pretty chill overall, but they were super firm about the appraisal requirement. I guess from their perspective, it's just a way to cover their bases. Ended up scheduling it anyway, and honestly, it wasn't as big a deal as I'd built it up to be in my head. The appraiser was in and out pretty quickly, and the value came back higher than expected—which was a nice surprise.
In the end, even though it felt like jumping through hoops at first, it turned out to be worth it for me. Dropping that monthly PMI payment felt like getting a mini raise every month. But yeah, every lender is different, and sometimes it really does feel like pulling teeth...or herding cats...or whatever other metaphor fits best.
Hang in there—hope your appraisal turns out smooth if you decide to go that route!
Did you find the appraisal process straightforward overall, or were there any unexpected hiccups along the way? I'm curious because when I went through it, the appraiser pointed out some random stuff I hadn't even thought about—like a loose railing on my deck. Ended up fixing it myself in a hurry...not exactly my idea of a relaxing weekend project, lol. Glad yours turned out smoothly though.
