Haha, that appraisal wait is like waiting for your pizza delivery tracker to move from "preparing" to "out for delivery"...feels like forever. But seriously, PMI can be a sneaky drain on your wallet, and ditching it usually pays off in the long run. Curious though, anyone here ever had their appraisal come back lower than expected? Wondering how you handled it—did you challenge it or just wait it out a bit longer?
Had a similar situation last year—my appraisal came back about $8k lower than I'd anticipated. I briefly considered challenging it, but after talking to my lender, realized the process could be lengthy and not guaranteed to change much. Instead, I decided to wait it out a bit, kept paying down principal, and luckily home values in my area rose slightly over the next 6 months. When I requested another appraisal later, it came back higher, and I was able to ditch PMI without any hassle.
If you're confident the appraisal missed something significant (like recent comparable sales or upgrades you've done), it might be worth challenging. Otherwise, patience and continued principal payments can often be the simpler route. Either way, getting rid of PMI is definitely worth the effort in the long run...those monthly savings add up quicker than you'd think.
Totally agree with your approach—patience can really pay off. I was in a similar boat recently, and instead of challenging the appraisal, I focused on making small extra payments toward principal each month. It wasn't a huge amount, but it definitely sped things up. Plus, keeping an eye on local home sales helped me time my second appraisal better...ended up ditching PMI sooner than expected. Feels great seeing that monthly payment drop.
Interesting strategy, hadn't thought about timing the appraisal based on local sales...smart move. Curious though, did you find the appraisal cost itself offset some of the savings from ditching PMI early? Always weighing those pros and cons myself, haha.
I went through something similar last year—timed my appraisal after noticing a couple strong sales nearby. The appraisal cost me around $400, but considering my PMI was about $120/month, breaking even took just over three months. After that, it was pure savings. Definitely worth crunching your numbers first though...I've seen cases where the math wasn't quite as favorable, especially if you're planning to refinance soon anyway. Always good to double-check before diving in.
