I am looking to refinance my mortgage. Appraisal came very low which lower than the comparable sales. my LTV is now 87% which now forces me to PMI. Piggyback is now history. Q 1) What options do I have here ? Q 2) How can I reduce/ my PMI? Any ideas/tricks to get lower rate.
I looked on the genworth, MGIC site and I get a rate lower than my lender quoted and they claim that they don't make any money out of it. They say need coverage of 25% which looks so high when I am only down by 7% .. However I am not sure of many term on the site. Did anyone try out this..
Was this an electronic appraisal ? If I remember correctly from last year, my lender (PenFed) obtained an e-appraisal at no cost to me. They gave me an option to pay for a human appraisal if I wanted.
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