I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process.
I had budgeted and readied myself to make a principal payment to bring our stake in the house to 20% but the website said to call their helpline. So I did. They said there may be other ways to remove the MI and so I learned that property appraisal can be one way to do so.
On a related but separate note, I was told on the phone that because I have had the mortgage for less than 5 years, I would have to bring my stake in the house to 25% (not 20%). Not sure I recall this in the terms/agreement. Is this even possible?
I live in the San Francisco Bay Area and I'd be shocked if the appraisal comes lower than when we bought (8 months ago. We also made home improvements). But the question I have is, if I go the route of appraisal, would that increase my property taxes?
Also, for academic purposes, if the appraisal comes lower, would the property tax reduce?