Can my apprasial for a Home Equity loan also be used to get PMI off of my mortage?
I am starting my own business and need start up cash. I bought my home last year for 209000, but it was way undervalued. Several smaller homes in my neighoorhood have sold for about 230000. The principal remaining on my loan is 205000. If I take out a home equity loan for 40K and can get my house appraised for 250K while reducing my principal to 200K I can eliminate PMI and roll that money (and then some) into the payment for my home equity loan. Will my mortgage company accept the home equity loans company’s appraisal (it should be done by an outside company). Also, the reason I layed out so much information is because I am also fishing for any advice I can get on this situation. Thanks for any input at all!
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