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How to convince my lender to reduce PMI payment based on the appraisal value?

Paid earnest money for a new construction primary residence in August 2021. After upgrades the total price came out to $620K.

Fast forward to last month. Got loan approved last month with 5% down. Lender (local CU) did an appraisal and the appraised value came out to 700K. With 5% down and 80K appraised value, I am around 17-18% equity on the house. I am closing next week so lender sent the final estimate with $250 PMI. I inquired if they would reduce the PMI based on the equity and they said No. They will only go with the sale price which is $620K.

How should I convince them to adjust the PMI according to the equity? Am I being unreasonable ?

submitted by /u/PeacekeepingDispatch
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source https://www.reddit.com/r/RealEstate/comments/xr2ide/how_to_convince_my_lender_to_reduce_pmi_payment/
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