[scotchnrocks]

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I'm sure if you read your original loan agreement, you will see that they need an opinion of value to make sure that the property's value hasn't declined.

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I'll check this when I get home. Kind of crooked if you ask me. An appraisal will cost the equivalent of over a year of PMI in my case.

Why does it matter if the home value went down? Do they introduce some kind of loan amount to appraised value ratio?

Thanks for all your advice in these mortgage threads Sossman and Bicycles. I've learned a lot.