I submitted a request to Rocket Mortgage to have our PMI removed. They sent an appraiser to see if our home has surpassed the value in which PMI is no longer mandatory. In our case, $275,245.80 is the value necessary to remove the PMI.
So the appraiser came and spent about 15 mins walking around taking pictures of each room, backyard, etc.
The next week, I reached back out to Rocket Mortgage to find out the results of the appraisal. Low and behold, the value of our home was determined to be $275,000, which is $245.80 short of the target. For this reason, the PMI request was denied.
So, to put this another way, we bought our home for $237,000 and it increased in value $38,000, but not $38,235.80.
Other notable facts
I paid $105 for this “appraisal” which I was later told by Rocket Mortgage goes to the “Investor” Freddie Mac.
Freddie Mac hires the 3rd party appraiser as I was told by Rocket Mortgage.
So, my question is, did I just get swindled by Rocket Mortgage, Freddie Mac, or both. Or is my home value actually $245 less then it needs to be?