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- Real Estate
I contacted my county’s tax office today and I was told that my home is appraised $7,000 more than it was a year ago. Great news, especially as I’m fighting to stop paying private mortgage insurance (PMI).
In order to get rid of PMI I must tell my lender that I own 20% or more equity on the home and that must be done via an appraisal. My question is: is the official county appraisal valid in this case, or do I have to hire a private appraiser if I want to get rid of PMI?