"Waiting it out's probably smarter."
Totally get why you'd feel that way after your appraisal experience, but I'd say it's not always the case. Sometimes getting an appraisal upfront can actually pay off—especially if property values in your area have jumped recently. I've seen clients shave months or even years off their PMI payments by proactively proving their equity. It's all about timing and local market conditions, really...but yeah, definitely a gamble either way.
I was skeptical about paying for an appraisal early too, seemed like just throwing money away. But after seeing my neighbor ditch PMI way earlier than expected, I gave it a shot. Turns out our home's value had jumped more than we thought—it worked out and saved us about 8 months of payments. Still think timing and local market matter a lot though, so I get why some would rather wait it out...
Good point about timing and market conditions—I agree they're crucial. But I'd caution against assuming appraisal results will always swing in your favor. I've seen homeowners disappointed when values didn't rise as expected...sometimes patience really is the safer bet.
Timing and market conditions definitely matter, but have you considered other factors that might affect your appraisal? For instance, how comparable are recent sales in your neighborhood—are they truly similar in size, condition, and upgrades? Sometimes homeowners get caught off guard because they overlook subtle differences between their property and nearby comps.
Also, have you checked with your lender about their specific requirements for removing mortgage insurance? Some lenders have strict guidelines beyond just hitting the 20% equity mark. I've seen cases where homeowners thought they'd cleared the hurdle, only to discover their lender required a certain length of time or additional documentation.
Patience can indeed pay off, but it's also worth double-checking these details upfront to avoid surprises down the road. Curious if you've already looked into these specifics...?
That's a really good point about lender specifics—I remember feeling super confident we'd hit our equity mark, then found out our lender had a two-year minimum wait. Definitely worth clarifying upfront to save yourself some headaches later... Have you talked directly with your lender yet?
