For current-value cancellation, the servicer orders the valuation. The borrower pays the fee, but the servicer selects the vendor. Some servicers prefer a broker price opinion (BPO) because it costs less and can be completed faster than a full appraisal. A BPO is performed by a licensed real-estate agent or broker and typically involves an exterior-only or desktop review of your home and recent comparable sales.
In contrast, a full appraisal includes an interior inspection, giving the appraiser a chance to observe upgrades, finishes, and the overall condition of your home. If you've made significant improvements or believe an interior view will help, you may want to ask your servicer whether a full appraisal can be ordered—though you'll pay more for it.
| Valuation type | Typical cost | Interior inspection? |
|---|---|---|
| Broker price opinion (BPO) | $150–200 | No |
| Full appraisal | $300–600 | Yes |
You, the borrower, pay the valuation fee upfront or as part of the PMI-cancellation request. The servicer retains control over vendor selection to maintain independence and comply with investor guidelines.
A BPO can be disputed with stronger comparable sales. Because BPO agents often conduct only a drive-by or desktop review, they may miss recent sales, use older data, or select comps that don't reflect your home's neighborhood or condition. A documented reconsideration commonly moves a value several percent.
Here's how to prepare a reconsideration request:
Many servicers will order a second review or a full appraisal if you present strong evidence. Even a small upward adjustment may push your loan-to-value ratio below 80 % and qualify you for PMI cancellation.
Check your PMI cancellation eligibilityIf you've completed major renovations—such as adding square footage, finishing a basement, or installing high-end finishes—a full appraisal is often worth the extra cost. A full appraisal includes an interior inspection, so the appraiser can see your upgrades firsthand and adjust the value accordingly. BPOs rely on exterior views and comparable sales data, which may not capture interior improvements.
Ask your servicer upfront what type of valuation they plan to order. If they default to a BPO and you believe an interior inspection will support a higher value, request a full appraisal in writing and confirm you're willing to pay the higher fee.
For current-value cancellation, the servicer orders the valuation. You pay the fee, but the servicer selects the vendor.
A BPO typically runs about $150–200, while a full appraisal costs about $300–600.
Yes. You can dispute a BPO by providing stronger comparable sales. A documented reconsideration commonly moves a value several percent.
A full appraisal includes an interior inspection and a more detailed analysis. A BPO is an exterior-only desktop or drive-by valuation performed by a licensed real-estate agent or broker.
Not always. Servicers review your evidence against their vendor's original analysis and investor guidelines. Strong, documented comps improve your chances, but the final decision rests with the servicer.
Most servicers will not accept a borrower-ordered appraisal for PMI cancellation because investor rules require the servicer to control vendor selection. However, having your own appraisal can strengthen a reconsideration request by highlighting discrepancies.