I owe 280k on a house and asked my lender (CitiMortgage) about refinancing. My credit score is great (close to 850), and I'm a customer in good standing.
CitiMortgage's appraisal came back at around 345k -- whereas I was expecting at least 380k -- and they say I need at least 365k in order to avoid PMI.
I disputed the appraisal, but it's not looking good; I really feel cheated. The appraiser came to my house and spent a whole 3-4 minutes. He compared my house with houses that were 10-20 years older and in really old subdivisions.
In any event, why is Citi saying the value of my house needs to be 365k to avoid PMI? Shouldn't it be around 350k if I owe 280k?
I got the call from citimortgage and they denied my appraisal dispute. I asked why and the manager at citimortgage said he had no answer. I then questioned him further about why he did not know and then I asked about why I would have to pay PMI and he couldn't answer that, he said "I'm not a licensed mortgage consultant, I'm just a manager".
Do I have any legal options...I am so frustrated with them.