Totally get your point about appraisers being a wildcard—I've been there too. Had one appraisal come in ridiculously low, and it took me months to shake off the frustration. But honestly, I think you're right about ditching PMI sooner rather than later. Waiting around for that "perfect" appraisal or market uptick is like trying to time the stock market—sounds good in theory, but rarely pans out exactly how you hope.
For anyone still on the fence, I'd say crunch the numbers yourself. Look at how much you're paying monthly in PMI and multiply that by how many months you'll realistically wait before getting another appraisal. Then factor in the cost of the appraisal itself (usually a few hundred bucks). You might find that even if your home value goes up slightly, you're still losing money overall by waiting.
I learned this lesson myself when I waited almost a year hoping my home's value would jump enough to comfortably ditch PMI. Ended up barely squeaking by after all that waiting, and when I ran the math afterward...it wasn't worth it. Could've saved myself stress and cash by just biting the bullet sooner.
Bottom line: PMI is basically throwing money away each month. If you're close enough to 80% LTV (loan-to-value), it's probably smarter just to pay down your principal balance a bit more aggressively or bite the bullet on an appraisal now rather than gambling on future market conditions.
"Waiting around for that 'perfect' appraisal or market uptick is like trying to time the stock market—sounds good in theory, but rarely pans out exactly how you hope."
Haha, been there myself. I waited way too long hoping for a better appraisal, and honestly, the stress wasn't worth the few bucks saved. Lesson learned... just bite the bullet and move on.
I can definitely relate to this. A couple years back, I was determined to ditch mortgage insurance by waiting for the market to peak, thinking I'd get that perfect appraisal number. Months passed, and the market actually dipped slightly instead. Ended up paying PMI longer than necessary, feeling frustrated and realizing I was chasing something unpredictable.
"Waiting around for that 'perfect' appraisal or market uptick is like trying to time the stock market—sounds good in theory, but rarely pans out exactly how you hope."
Exactly this. Sometimes it's better to just make the move when you're comfortably within range and stop stressing over the unknowns...
Been there myself—it's easy to get stuck waiting for that "perfect" moment. Usually, if you're close enough to 20%, just bite the bullet and request a new appraisal. Worst case, you're out a few hundred bucks, but at least you'll know where you stand.
I get your point, but I'd be careful about jumping the gun too soon. I thought I was at that magical 20% mark a while back—got all excited, paid for the appraisal, and ended up being at like 17.5%. Felt kinda burned by it, honestly. Still, knowing exactly where I stood motivated me to hustle and pay down more aggressively. Just make sure you're really close enough before you drop the cash on an appraisal...
