Do I need to remortgage to get rid of PMI with a new appraisal?
I asked this question about whether I need to re-apply for my mortgage in order to not have to pay private mortgage insurance anymore. All answers mentioned that this is not necessary.
However, I'm wondering if the answers apply only to the original appraised value. In other words, do I need to remortgage if I appraise my house again, and the house is appraised at a higher value and therefore I end up owning a higher percentage of the home than before? Can lenders request me to apply for a new mortgage in order to get rid of PMI based on a new appraisal?
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