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Refinance and PMI Question

Hey all,

A year ago we bought a home for 260k and put less than 20% down the home was appraised in its bad condition for 270k. The PMI is based on the 260k purchase price for when it will drop off and our rate was at 4.5% due to a blip in time when rates were going up.

If we refinanced our current mortgage of 246k at 3.5% what is the pmi based off of? The comps in area have sold for 280-285 so we won’t be at 20% of value to avoid pmi. We did many upgrades to the house and believe it is close or better then the comps so we expect 280k appraisal.

Is there a general rule that this goes by is pmi based off new appraisal or off original purchase price still?

Thanks!

submitted by /u/Garobo
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source https://www.reddit.com/r/RealEstate/comments/fau3it/refinance_and_pmi_question/
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