Can a new appraisal shorten the time needed to remove PMI?
I am going to try my best to explain my scenario and appreciate any responses.
I recently bought a home for 200k and put 5% down on a 30yr conventional loan. My wife and I put about 40k in renovations (vaulted ceilings, converted half bath to full, remodeled other full bathroom, new kitchen counter tops). I believe that these projects have increased the value, but probably not high enough to remove pmi.
Our current appraisal was for 200k. I am wondering if I were to get a new appraisal and it was appraised for 210k (not enough to remove pmi) would that be credited on my current loan and count as new equity? At the current rate my PMI will remove after 10 years of payments, but I am thinking a 10k increase in appraisal would reduce that to maybe only 5 years. I am not looking to refinance, just wondering if a new official appraisal value could be added to current loan. With current improvements it most certainly has gained some value.
I have tried many variables of google searches to find an answer to no avail. Thanks!