2 months, 2 vastly different appraisals...
Hello BP family,
So, two months ago I contacted my mortgage company to waive the PMI on my mortgage as I put in a ton of work into the home (bought it at $525k put $125k into it).
The appraisal was ordered and my home got appraised at $790k!!!
PMI was waived so my mission was to obtain a HELOC as I wanted to pull the equity and put that towards another investment.
Unfortunately the credit union that I applied to obtain the HELOC would not allow the appraisal from 2 months ago.
The new appraisal was ordered and they came to my house last week (gloves and masks worn the whole time thankfully).
The appraisal came back today at $695k.
So I have a few questions:
Why such a huge disparity in the 2 appraisals from the different companies?
The market here in Boston is still hot.
Also; Should I find out if the original appraisal company works with any other credit unions or banks and try to get a HELOC through their?
Thanks in advance!